Crude oil prices settled higher in futures market on Tuesday following a report that Saudi Arabia is considering cutting crude exports, even as the latest data show U.S. production trending higher this year.

A sharply weaker U.S. dollar Tuesday also contributed to gains for oil, which is traded in the greenback.

Light sweet crude oil (WTI) futures went up 0.38 dollar or 0.83 percent to close at USD 46.40 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures rose 0.42 dollar or 0.87 percent to close at USD 48.84 a barrel at NYMEX. WTI-Brent spread was stable on Jul-2017.

Natural gas futures remained flat at 3.088 a gallon at the NYMEX. RBOB gasoline futures remained flat at 1.579 a gallon at the NYMEX.

In refined products, RBOB heating oil futures remained flat at 1.510 a gallon at the NYMEX.