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Futures Movers: Oil climbs with hopes for extension of OPEC-led pact to curb output

Crude-oil prices traded slightly higher Tuesday, lifted by talk of a six-month extension of an OPEC-led pact to limit production.

May West Texas Intermediate crude oil CLK7, +1.26% —the U.S. benchmark—traded 47 cents, or 1%, higher at $48.13 a barrel, after ending in negative territory on Monday. The contract since last Tuesday has been down in four out of the past five sessions, according to FactSet data.

Meanwhile, Brent crude oil for May delivery trading on the ICE Futures exchange LCOK7, +1.26% was up 48 cents, or 0.9%, at $51.37 a barrel.

A growing sense that members of the Organization of the Petroleum Exporting Countries and other non-OPEC members must act soon to maintain the credibility of an agreement that to curb output that ends in June by extending it until the end of 2017.

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