Supply concerns drive oil prices up after four days of losses

March 26 (UPI) -- Crude oil prices were higher early Tuesday for the first time in four days, rebounding amid renewed concern on supply issues such as Saudi Arabian crude oil cuts.

West Texas Intermediate crude future prices rose 1.7 percent to $59.84 per barrel as of 8:10 a.m., while Brent crude prices rose 1 percent to $67.45 per barrel as of the same time.

"Crude continues to stay bid in the midst of serious uncertainty as participants keep on hardening stands. If the United States will continue waiver of Iranian sanctions, Saudi Arabia seems to be determined to cut supplies even further," Sukrit Vijayakar, an analyst at Trifecta Consultants told UPI early Tuesday in an email.

"It is hard to be sure how much further Saudi Arabia can afford to cut exports, but it is certainly not winning global friends with its attitude," Vijayakar said regarding the oil production cutback decision made by Saudi Arabia and some OPEC, and non-OPEC, nations in a bid to raise oil prices.

In recent weeks, crude oil prices had increased on the possibility of disruptions of supply out of Venezuela, which produces just over 1 million barrels per day.

Vijayakar cited reports that China has recently increased its imports of Venezuelan crude.

"While price data is not known, these crudes were continuously attractive even during normal times," he said.

"Some distress deals being worked out means that China is getting the oil it needs and pushing in supply into the market," he said.

Tuesday was the fourth decade anniversary of OPEC's decision to spike prices in 1979, leading to sharp increases in energy costs and inflation.