Oil prices rose 2 per cent on Tuesday, reaching their highest in 12 months after major producers showed they were reining in output roughly in line with commitments.
The global and US crude benchmarks rallied as optimism about more U.S. economic stimulus added to bullishness from OPEC production levels, which rose less than expected in January.
Brent crude settled up $1.11, or 2 per cent, at $57.46 a barrel, its third straight day of gains. During the session, it touched $58.05, the highest since January last year.
US oil gained $1.21, or 2.3 per cent, to close at $54.76, after hitting a session high of $55.26, the highest in a year.
Both contracts traded higher after the settlement, after the American Petroleum Institute, a trade group, said oil and fuel inventories were lower on the week.