Oil prices were stable early on Tuesday, supported by a tightening market due to ongoing OPEC-led efforts to cut supplies, although the prospect of rising U.S. shale output dragged. Brent crude futures , the international benchmark for oil prices, were at $60.84 per barrel at 0027 GMT. That was slightly below their last settlement, but close to the highest level since July 2015 and up some 36 percent since their 2017-lows last June.

U.S. West Texas Intermediate (WTI) crude futures were at $54.04 a barrel, 11 cents below their last close but near their highest level since February and up around 28 percent since 2017-lows in June.

Traders said that bullish sentiment had driven Brent above $60 per barrel, fuelled by an effort led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia to hold back about 1.8 million barrels per day (bpd) in oil production to tighten markets and prop up prices.

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