25.07.201707:18:00UTC+00Crude Oil Rises To $47 As OPEC Brags About Supply Quotas

Crude oil futures rose Tuesday after OPEC said global demand is rising just as supplies are being reduced.

At a meeting in Russia, Saudi Arabia confirmed it would restrict its exports to support global balance, while Russia insists it will continue its participation in the supply quota plan perhaps through 2018.

OPEC said that OECD crude oil inventories as a whole are 250?million barrels above the five-year average, down from close to 340?million barrels in January.?

Crude oil for September was up 68 cents at $47.03 a barrel, holding July's gains.

Traders await U.S. oil inventories data over the next two days.