Oil prices on Tuesday rose to a near one-month high as expectations of a drawdown in U.S. crude and product inventories outweighed news of higher Libyan production.
Benchmark Brent crude oil rose 95 cents, or 1.8 percent, to $54.07 a barrel by 2:33 p.m. (1833 GMT). That pushed the global benchmark over its 100-day moving average, into overbought territory for the first time since the end of December.
U.S. light crude oil ended trading 79 cents, or 1.6 percent, higher at $51.03 a barrel.
Both contracts hit their highest level since March 8. They hit four-month lows late last month but have recovered 8 percent since then on expectations the Organization of the Petroleum Exporting Countries and other producers would cut output under an agreement reached last year.