Mubasher: Oil prices ended Tuesday near its highest level in three weeks.

Nymex crude futures for May delivery rose by 2.2% to $63.40 per barrel, while Brent crude added 2.1% and settled near $67.41 per barrel.

The United States is expected to impose more sanctions on Iran, a more supported by Saudi Arabia, which could lead to supply disruptions in the Middle East, and this is seen by market analysts as offsetting the rapid increase in American crude production.

Saudi Crown Prince Mohammad Bin Salman is visiting Washington, and has already met with the President of the United States Donald Trump, who claimed that Saudi-American relations are now better than ever before.

Investors await the data of the American Petroleum Institute’s (API) weekly inventory report, which will be officially released on Wednesday, with yet another increase in American crude oil stockpiles being expected.