Crude oil firm as Saudi Arabia says OPEC may extend supply cuts

Oil prices on Tuesday reversed earlier losses after Saudi Arabia said a deal between producers to withhold output that has been in place since January could be extended beyond June to cover all of 2019.

The statements by Saudi energy minister Khalid Al-Falih came despite pressure by U.S. President Donald Trump to raise output to make up for a supply shortfall expected from tightening U.S. sanctions against Iran.

Brent crude futures were at $72.25 per barrel at 0701 GMT, up 21 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $63.67 per barrel, up 17 cents, or 0.3 percent, from their previous settlement.

Prices had come under downward pressure earlier on Tuesday after data on China's factory activity weighed on financial markets, including crude oil futures, as it suggested Asia's biggest economy is still struggling to regain traction.