US oil prices hit their highest level in three years

Oil prices rose on Tuesday, with US crude hitting its highest level since December 2014, supported by OPEC-led output cuts and expectations of US crude inventories falling for a week in a row.

US benchmark WTI ended the session at $ 1.23, or 2 percent, at $ 62.96 a barrel, after touching a high of $ 63.24 since December 2104.

Brent crude futures closed up $ 1.04, or 1.5 percent, at $ 68.82 a barrel after jumping to $ 69.08, the highest level since May 2015.

These are the highest closing levels for the benchmark crude contracts since December 2014.

Markets are awaiting the latest data on US oil inventories to be released by the US Petroleum Institute later on Tuesday and the Energy Information Administration on Wednesday.

It is expected to show that stocks fell last week by 3.9 million barrels, the eighth consecutive weekly decline.