2018.01.2308:15:00UTC+00Crude Oil Consolidates Recent Gains On OPEC Chatter

rude oil futures were higher Tuesday morning amid reports that Saudi Arabia and Russia remain determined to limit oil production this year.

While U.S. shale producers may ramp up production because of higher prices, OPEC will likely carry its supply quota plan through 2018 and perhaps beyond.

Speaking in Oman at the recent OPEC meeting, Saudi official Khalid al-Falih hinted a more long-lasting arrangement. "We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation," al-Falih said.

WTI light sweet crude oil is up 25 cents at $63.82 a barrel, staying near 4-year highs seen earlier this month.

Traders will be focused on U.S. inventories data over the next two days. U.S. stockpiles have been dwindling eight weeks in a row.