Oil prices soared to two-and-a-half year highs in light trading volume on Tuesday, boosted by news of an explosion on a Libyan crude pipeline as well as voluntary OPEC-led supply cuts.
U.S. West Texas Intermediate (WTI) crude futures ended Tuesday's session up $1.50, or 2.6 percent, at $59.97, posting its best closing price since June 24, 2015. The contract earlier touched $60 for the first time in 2½ years.
Brent crude futures, the international benchmark for oil prices, rose $1.80, or 2.8 percent, to $67.05 a barrel by 2:29 p.m. (1929 GMT). It hit an intraday high of $67.10, its strongest level since May 2015.
Armed men blew up a pipeline pumping crude oil to the port of Es Sider on Tuesday, cutting Libya's output by up to 100,000 barrels per day (bpd), according to military and energy sources.
The state-run National Oil Corporation (NOC) said in a statement that output had been reduced by 70,000 to 100,000 bpd. The cause of the blast was unclear, it added.