Brent Oil Stays Above $109 on Libyan Oil Exports

U.S. crude oil futures climbed to two-week highs on Tuesday on expectations for another draw on stocks at contract’s delivery point at Cushing, Oklahoma, while Brent edged up as traders doubted that Libyan oil exports would soon rebound.

U.S. oil futures were also being supported by speculation of a nationwide draw in crude inventories last week as the United States nears the start of its summer driving season, which prompts higher demand for fuel, ANZ analysts said in a note.

The consensus estimate of four analysts in a Reuters poll on Monday, however, showed commercial crude oil stocks would remain unchanged at 397.6 million barrels in the week to May 9.

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