2017.08.2203:30:00UTC+00Oil Prices Increase, Lifted by Signs of Gradual Tightening in Supply

Oil prices climbed on Tuesday, buoyed by signs that supply is moderately tightening, particularly in the United States.

Brent crude futures, the international benchmark for oil prices, were at $51.91 a barrel, higher by 0.5 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures stood at $47.60 per barrel, higher by 0.5 percent.

U.S. commercial crude inventories have dropped by nearly 13 percent from March highs, to 466.5 million barrels.

According to analysts, growth could soon slow as U.S. energy companies are trimming the amount of rigs drilling for new oil.

The Organization of the Petroleum Exporting Countries together with non-OPEC producers, which includes Russia, has promised to hold back almost 1.8 million bpd of output between January 2017 and March 2018 in order to tighten supplies and prop up prices.