Crude oil prices continued their rally Tuesday, with West Texas Intermediate moving above $50 per barrel on signs of more cuts in corporate spending.

The price for WTI rose more than 2.6 percent early in the Tuesday trading session to sell for close to $51 per barrel for the March contract. WTI futures sold above the $50 during the first week of January, but dropped 12 percent by the end of the month as markets continued to favor the supply side.

U.S. oil production of more than 9 million barrels per day left markets oversupplied amid signs the global economy was stifled by deflationary pressures. A late November decision from the Organization of Petroleum Exporting Countries to keep oil production steady despite the weak oil market put further pressure on crude oil prices.

Markets rallied Monday after oil services company Baker Hughes reported in its weekly rig count report that activity in the exploration and production side of the global oil and gas sector was slowing. With oil prices off about half from their June value, oil companies from BP to Royal Dutch Shell announced plans to cut capital spending in 2015.

In terms of employment in the U.S. shale oil sector, several companies in Texas, the No. 1 oil producer in the nation, announced plans to lay off some of their staff. In the refining sector, workers at several plants went on strike this week after talks broke down between the United Steelworkers union and negotiators from Shell.

The price for Brent, the global benchmark, rose 2.3 percent early in the Tuesday session to trade for $56.05 for March delivery.