WASHINGTON (dpa-AFX) - Crude oil futures surged to the highest in 2 years Tuesday, extending recent gains after a Libyan pipeline blast threatened supplies from the region.
Meanhwhile, Saudi Arabia expects oil revenue to jump about 80 percent by 2023 thanks to increased production and $75 oil, according to a Bloomberg report.
On a quiet day in the markets after the Christmas holiday, Feb oil was up $1.50, or 2.6%, at $59.97/bbl, the highest since June 2015.
In economic news, U.S. home prices surged up 6.2 percent from a year ago, as eager buyers scrambled for a dwindling supply of properties for sale.
The Richmond Fed manufacturing index for December came in at 20 verses 21 expected. The prior month was higher at 30.
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