The analysts are of the view that the oil extended its reach in Asian trade on Tuesday to lift in the part by improved investor capacity about the global economy's recovery prospects in the markets.
Oil extended its rise in Asian trade on Tuesday, lifted in part by improved investor sentiment about the global economy's recovery prospects, analysts said.
Comments by oil kingpin Saudi Arabia that the market was "very stable and healthy" were also seen providing support to prices, they said.
New York's main contract, light sweet crude for October delivery firmed 20 cents to USD 68.22 a barrel.
Brent North Sea crude for October delivery put on 37 cents to USD 66.90.
"With growth picking up in virtually every country, a self-reinforcing process or positive feedback loop' is developing," analysts from Bank of America-Merrill Lynch said in a report.
"Growth in individual countries is stimulating global growth, via trade and confidence channels. This adds to our confidence in the sustainability of the recovery."
Saudi Oil Minister Ali al-Naimi said on arriving in Vienna on Monday ahead of a meeting of the OPEC crude cartel that current oil price levels were satisfactory.
"The market is in very good shape: very well-supplied," Naimi told reporters. "The price is good for everybody, consumer (and) producer," hovering recently between 68 and 73 dollars per barrel, he added.
He reiterated the view of several fellow OPEC ministers that further cuts to oil production quotas were unlikely and said Wednesday night's meeting would seek to enforce compliance with existing reductions "as best we can.
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