WASHINGTON (dpa-AFX) - Crude oil futures rallied Tuesday amid word that Libya has halted the pipeline from its biggest field. The OPEC member will see output down 252,000 bpd due to armed protests.
Meanwhile, OPEC is expected to extend its supply quota plan with Russia through 2017 in hopes of ending the global supply glut.
U.S. production has been soaring, driving oil prices to their lowest of the year.
Today, however, traders bought up oil futures on hopes the market will soon re-balance. Rebounding stocks also gave prices a lift.
May WTI oil gains 64 cents, or 1.3%, to settle at $48.37/bbl, the highest in a week.
The American Petroleum Institute is out with its inventories data this afternoon, followed tomorrow by official word from the Energy Information Administration.
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