Oil rose 3.3 per cent on Tuesday to the highest close in more than a month, a day after US oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude exports to help curb global oversupply.

Brent crude futures rose $US1.60 or 3.3 per cent to settle at $US50.20 a barrel, the first time the benchmark closed above $US50 since June 6. US West Texas Intermediate futures rose $US1.55 or 3.3 per cent to settle at $US47.89 a barrel, the highest close for that benchmark since early June.

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