Oil prices steady at highest level since mid-2015

Oil prices held steady at almost a 30-month high on Tuesday after recording the biggest rally in one year, amid positive investor sentiment driven by oil producers’ move to curb oversupply.

Brent crude futures were last 0.5 percent lower at $63.98 barrel per day (bbl). The benchmark touched $64.44 a barrel on Monday, its best level since July 2015.

U.S. West Texas Intermediate (WTI) shed 0.2 percent to $57.24/bbl, after climbing to its highest since mid-2015 at $57.61 in the last session.

The rise came after Saudi Arabia and Russia announced their commitment to continuing cooperation with other oil producers to reduce global stocks and balance the market.