Oil Hits 2015 Highs As Libya Output Slows, Saudis Raise Prices

On Tuesday, North Sea crude differentials weakened from a sizeable volume of unsold loading supplies in May.

A Reuters poll showed U.S. crude stockpiles had risen 1.6 million barrels last week to hit record highs for a 17th consecutive week.

Industry group American Petroleum Institute will reveal its own expectations for U.S. crude inventories at 4:30 p.m. EDT on Tuesday, before official data due from the government on Wednesday.

Crude prices have risen 50 percent in just over three months, after the June-to-January selloff hammered the market down to around $40 a barrel from last summer's highs above $100.

Protests stopped crude flows to the eastern Libyan port of Zueitina on Tuesday. Libyan output is below 500,000 barrels per day, a third of what the country pumped before 2010.

The dollar fell on a mixed batch of U.S. economic data, boosting commodities denominated in the currency.

Saudi Arabia raised official selling prices for its Arab Light grade crude to Northwest Europe to reflect a price rally in rival grades in recent weeks.


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