Meanwhile, the vice ministerial level talks between US and Chinese officials are scheduled to commence later in the day at Beijing.
OPEC, led by Saudi Arabia, alongside other producers led by Russian Federation, agreed previous year to rein in supplies starting from January after oil tumbled from above $86 on worries about surging output.
"The dynamics of oil prices in 2019 will also depend in large part on Opec's effectiveness in implementing the cuts, balancing the market and reinforcing the credibility of its signals", said the report.
Oil futures Tuesday finished higher for a seventh straight session, the longest run of gains in roughly 18 months, with prices lifted by global efforts to curb crude output, as well as measured optimism around U.S.
Futures increased as much as 3 percent to nearly $50 a barrel in NY on Tuesday.
"The market is clearly rebounding from sharply oversold territory", said Michael Tran, commodities strategist at RBC Capital Markets LLC.
"Oil prices averaged $68 per barrel (bbl) in 2018, a touch lower than June forecasts but about 30% higher than in 2017", according to the report. The rally's been fueled by brightening economic outlooks as well as growing confidence that the Organization of Petroleum Exporting Countries, Russia and other allies will restrain production enough to avoid an oversupply.
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U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) settled up $1.26, or 2.6 percent, at $49.78 a barrel.
The West Texas Intermediate for February delivery increased 0.56 US dollar to settle at 48.52 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery rose 0.27 dollar to close at 57.33 dollars a barrel on the London ICE Futures Exchange. "They can be very convincing when they choose to be". The global benchmark crude traded at an $8.66 a barrel premium to WTI for the same month.
Today's early price action suggests investors are pricing in bullish news from the trade talks.
U.S. Commerce Secretary Wilbur Ross said Monday that China and the U.S. could get "a reasonable settlement" that both countries "can live with", according to worldwide media.
"There's a confluence of factors helping - a big driver is progress in trade talks and hopes that global growth will be supported", said Stephen Innes, head of trading for Asia Pacific at Oanda Corp. "And so we see the potential for Brent crude to go to $70 a barrel over the course of the year".
Record high crude oil production C-OUT-T-EIA has pushed up US inventories. Nationwide inventories are near their lowest level in nearly two months.