Oil rose 3.3 percent on Tuesday to the highest close in more than a month, a day after U.S. oil producer said it would cut capital spending plans and Saudi Arabia vowed to reduce crude exports to help curb global oversupply. Brent crude futures rose $1.60 or 3.3 percent to settle at $50.20 a barrel, the first time the benchmark closed above $50 since June 6. U.S. West Texas Intermediate futures rose $1.55 or 3.3 percent to settle at $47.89 a barrel, the highest close for that benchmark since early June.

The lower oil prices in June and July may have been affecting U.S. shale production, said Mark Watkins, regional investment manager at U.S. Bank.

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