Crude oil futures extending their bull run ended at eight month high on Tuesday, as investors looked ahead to inventory data expected to show crude supplies fell last week amid ongoing optimism that Opec will agree to extend output cuts. OPEC Secretary General Mohammad Barkindo said that 'OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018.' Saudi Arabia Crown Prince Mohammed bin Salman said last week, the kingdom would support extending output cuts in order to rid the market of excess supplies.

Benchmark crude oil futures for December delivery ended higher by 23 cents or 0.4 percent at $54.38 a barrel on the New York Mercantile Exchange. Brent crude for December delivery gained 0.8 percent to $61.37 a barrel on the ICE.

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