Last year, Opec and other nations including Russian Federation said they would extend a deal to cut production to help support oil prices that had fallen below $50 a barrel when the agreement was struck in 2016.
Oil's rally shows that the Organisation of Petroleum Exporting Countries and its allies are succeeding in clearing the glut triggered by the growth of United States shale oil.
Brent for March settlement gained as much as 51c, or 0.8%, to $68.29 a barrel on the London-based ICE Futures Europe exchange after adding 0.2% on Monday.
With the climb in crude, there are growing signs that Opec could be falling into a trap it had sought to avoid.
Shale oil producers are expected to pump 10 million barrels a day from next month, according to forecasts by the US Energy Information Administration.
"We expect Brent prices to move further higher to more than $75 due to an increase in demand".
Q: How are OPEC's presence in the crude oil market and the recent trends in shale oil being interpreted?
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Relatively weak China December oil data weighed on prices, traders and analysts said.
Major oil producing-countries have grown concerned that as prices remain near these levels, it will spur additional production from US shale patches in Texas and North Dakota, risking overwhelming the market with additional supply, and hurting OPEC's market share.
Brent crude futures settled 6 cents higher at $69.26 a barrel, after hitting $70.05 a barrel during the session, its highest level since November 2014.
And in addition, oil-burning power plants in New England which rarely get used all year have been running hard, contributing one-third to ISO New England's power generation fuel mix at times.
What's the Fair Price of Crude Oil Today?This is happening against the backdrop of an increase in world oil demand forecast in 2018 by 100,000 barrels per day.
Though production hasn't been impacted, the protests are widely viewed as reason enough for U.S. President Donald Trump to go against the principles of the Joint Comprehensive Plan of Action - the United Nations -backed Iranian nuclear deal - and decide Friday to re-impose oil-related sanctions on Iran.
The rising oil price comes as the extended OPEC and Russian Federation oil output cap remains firmly in place until the end of 2018. The Organization of Petroleum Exporting Countries, with help from big producers like Russian Federation, are working to drain the surplus through managed production cuts, now in their second year.
On the last day of November, the OPEC and several non-OPEC oil exporters met in Vienna to discuss the future of the global oil market during the OPEC summit.