2018.04.2408:17:00UTC+00Inflated By OPEC, Crude Oil Holds Near 4-year High

Crude oil futures nudged higher Tuesday, staying near the highest since 2014 amid speculation OPEC will continue to reduce supplies.

WTI light sweet oil for June was up 20 cents at $68.85 a barrel.

Iran has reportedly nixed a formal extension of the cartel's supply quota plan with Russia, but Saudi Arabia and others will continue to limit production beyond this year, analysts say.

Iran's oil minister Bijan Zanganeh, speaking yesterday to Iran's news service Shana, said that if oil prices continued to rise, there will be no need to extend the OPEC/non-OPEC production deal beyond the end of 2018.

"High oil price, even in the mid-term, works against OPEC interest by imposing volatility on the market and pressure on the price."

Last week, President Donald Trump blasted OPEC for trying to artificially boost prices.

"Looks like OPEC is at it again," he wrote. "With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!"

Traders will be paying attention over the next few days to U.S. oil inventories data from the American Petroleum Institute and the Energy Information Administration.