Oil climbs as Opec output curbs stoke optimism on tight supply

Oil has rallied about 37 percent this year as Saudi-led production cuts, together with receding fears over the global economic growth outlook, appear to be easing investor concerns.

Crude advanced for a third day after a further reduction in supply from Opec signaled that global markets are tightening.
Futures added as much as 1.3 per cent to the highest level since November in New York on Tuesday. Declines in Opec production are stoking optimism among investors as Saudi Arabia pressed on with output curbs and as power blackouts in Venezuela further squeezed supplies. Meanwhile, US crude stockpiles probably declined by 900,000 barrels last week, according to a Bloomberg survey ahead of a government report on Wednesday.
 
"The fundamentals that drove us yesterday - the OPEC production numbers falling, Venezuelan production issues,