Crude oil futures continued to soar Tuesday morning, bolstered by renewed expectations of a deal between OPEC and Russia to curb oil supplies.

Hopes for a sustained global economic recovery have also boosted oil prices.

U.S. stocks are set to extend record highs when Wall Street opens for business this morning.

WTI light sweet crude for January is up 74 cents at $49 a barrel, having rocketed higher by about 10 percent in the past few weeks.

Investor bets on rising U.S. short-term rates hit the highest ever last week in the eurodollar-futures market, at $2.1 trillion. That breaks a record set in 2014, said Cheng Chen, U.S. rates strategist at TD Securities, citing data from the Commodity Futures Trading Commission going back to 1993.

(raw materials / closing price /% change)

Oil 47.48 -0.02%

Gold 1,214.00 +0.35%