Mubasher: Oil prices jumped during Tuesday’s trades ahead of initial data regarding US oil stockpiles, as investors welcomed the resolutions by the Organization of Petroleum Exporting Countries (OPEC) to impose further market control.

By 10:43 am GMT, Brent crude future contracts increased 0.48% to reach $62.52 per barrel, while US crude (Nymex) rose 0.43% to $56.66 per barrel.

Later on Tuesday, the American Petroleum Institute (API) is expected to issue data on the initial stockpiles for last week. 

Last month, Mohammad Sanusi Barkindo, OPEC secretary general, revealed that OPEC members and other large producers may take some special procedures by 2018 to rebalance the oil market.