Crude oil prices settled sharply higher in futures market on Tuesday, as fresh pledges from Saudi Arabia and Nigeria to, respectively, reduce crude exports and limit output raised hopes of a market rebalance.

Light sweet crude oil (WTI) futures jumped 1.55 dollar or 3.34 percent to close at USD 47.89 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures jumped 1.60 dollar or 3.29 percent to close at USD 50.20 a barrel at NYMEX. WTI-Brent spread was stable on Jul-2017.

Natural gas futures remained flat at 2.931 a gallon at the NYMEX. RBOB gasoline futures remained flat at 1.572 a gallon at the NYMEX.

In refined products, RBOB heating oil futures remained flat at 1.573 a gallon at the NYMEX.