April 20: Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by a disruption to Libyan exports and expectations of a drop in U.S. crude inventories, although rising coronavirus cases in Asia limited gains.
Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities.
U.S. crude stockpiles are expected to drop by 2.9 million barrels in weekly reports.
Brent crude was up 86 cents, or 1.3%, to $67.91 a barrel by 0822 GMT after hitting $68, the highest since March 18, earlier. U.S. West Texas Intermediate (WTI) crude gained 85 cents, or 1.3%, to $64.23.
"Follow-through buying is pushing prices further up," said Tamas Varga of oil broker PVM. "But the immediate upside potential could be limited by the relentless march higher in infection rates."
Worldwide coronavirus cases have exceeded 141.7 million and a surge in infections in India, the world's third-biggest oil importer, has dampened optimism for a sustained demand recovery. read more
Elsewhere in Asia, the Philippines has seen a second wave of infections. Hong Kong will suspend flights from India, Pakistan and the Philippines from April 20 for two weeks. read more
Oil was underpinned by a weak U.S. dollar, which makes oil cheaper for buyers using other currencies. "U.S. dollar weakness continues to offer support to the commodities complex," ING Economics said in a report. -Reuters
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