Oil prices rose on hopes for lower oil output. Reuters reported on Monday that the Organization of the Petroleum Exporting Countries' (OPEC) oil production fell in February due to the supply disruption from Iraq. OPEC's oil output decreased to 32.37 million barrels per day (bpd) in February from 32.65 million in January.
The U.S. Energy Information Administration (EIA) said on Monday that the oil production in the U.S. declined by 43,000 bpd in December to 9.26 million bpd. It was the lowest level since November 2014.
Russian President Vladimir Putin said on Tuesday that Russian oil companies decided not rise their oil output this year.
WTI crude oil for April delivery increased to $34.27 a barrel on the New York Mercantile Exchange.
Brent crude oil for April rose to $36.86 a barrel on ICE Futures Europe.