WASHINGTON (dpa-AFX) - Crude oil futures surged higher on Tuesday, more than erasing weekly losses to settle at a one-month high.
May oil jumped $2.12, or 2.1%, to settle at $102.56 a barrel on the New York Mercantile Exchange. Prices closed at their highest level since March 7.
Traders shrugged off increased supplies from Libya amid fears that Russian shipments will be interrupted due to tensions over Ukraine.
The U.S. government raised its 2014 crude oil forecast to an average of $95.60 a barrel.
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