Oil rises 0.4% on healthy economic growth, OPEC-Russia output curbs

Oil benchmarks are on the rise this Tuesday morning in Europe, possibly due to IMF's upbeat global growth forecasts and due to ongoing output curbs by Saudi Arabia, Russia, and other major producers.

As of writing, WTI oil is up 30 cents or 0.46 percent at $63.86/barrel. Brent oil is up 28 cents or 0.40 percent at $69.30/barrel.

The International Monetary Fund (IMF) revised its up global growth forecast for 2018 and 2019 to 3.9 percent. The 0.2 percentage point increase seems to have put a bid under oil today. Moreover, higher growth means more demand for oil and other commodities.

Also helping oil is falling inventories due to OPEC-Russia output cuts deal and seasonally colder weather. Reuters report quotes BNP Paribas as saying that, "economic outlook and the seasonally colder weather has led to firmer oil demand growth, facilitating the continuation of a fall in oil inventories toward OPEC’s recent five-year average target."

That said, gains could be capped around $70.00 on fears that rising US shale output would overshadow OPEC-led oil output cut deal.