2018.01.2302:53:00UTC+00Oil Rallies on IMF’s Upbeat Economic Global Outlook

Oil prices edged up on Tuesday, buoyed by healthy economic expansion as well as the ongoing OPEC-Russian production supply curbs.

Brent crude futures traded at $69.41, up 38 cents or 0.55 percent from their last settlement, close to the January 15 three-year high of $70.37 bpd.

U.S. WTI crude futures traded at $63.99 per barrel, 42 cents or 0.7 percent higher compared to their last close. WTI scaled its highest since December 2014 on January 16 at $64.89 per barrel.

According to traders, oil markets were generally well propped up by solid economic growth.

On Monday, the International Monetary Fund revised upward its estimates for global economic growth in 2018 and 2019 to 3.9 percent for the two years separately, marking a 0.2% increase from its last projection in October.

BNP Paribas said in a note that the economic outlook, along with the seasonally colder weather, has resulted in stronger oil demand growth, prompting the extension of a declining streak in oil stockpiles towards OPEC's recent five-year average goal.

The growth in demand, which also means more oil consumption, coincides with a period when OPEC along with other producers are curbing oil production under an agreement that was put in place beginning January 2018 and are set to continue throughout 2018.