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.
for June delivery was up 40 cents near $109 a barrel, after closing up 52 cents in the previous session.U.S. crude rose $1.11 to settle at $101.70 a barrel, after climbing 60 cents to $100.59 a barrel in the previous session.
Industry group the American Petroleum Institute will report its inventories estimate at 4:30 p.m. Eastern, and the U.S. Department of Energy's Energy Information Administration will release its report Wednesday at 10:30 a.m. Eastern.
Libya announced Monday its western oilfields, which protesters blockaded since March, were ready to reopen, potentially raising crude output by 500,000 barrels per day (bpd). But on Tuesday, output was unchanged at 235,000 bpd.
International data weighed on markets as the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast demand for its crude oil in 2014 to 29.76 million bpd, up 110,000 bpd from the previous estimate, but said its current output was meeting global consumption.
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