Oil surged on Tuesday, sending U.S. crude to its highest in more than four months as a weaker dollar, cold weather in the United States and renewed concern about threats to supply in the Middle East and Africa sparked a buying spree.
Stirring supply worries, Libya's output fell, South Sudanese rebels said they seized control of an oil-producing state capital and expectations of a breakthrough in Iran's nuclear talks with world powers were dampened by both sides.
Brent crude was up more than $1 above $110, its highest since Jan. 2. U.S. crude shot up by $2.13 to close at $102.43, its highest point since Oct. 18. There was no settlement on Monday as U.S. markets were shut for the Presidents Day holiday.