SINGAPORE, April 11 U.S. crude oil rose for a
sixth consecutive session on Tuesday to hit its highest level in
five weeks, underpinned by tensions following a U.S. missile
strike on Syria and a shutdown at Libya's largest oilfield.
U.S. West Texas Intermediate (WTI) crude futures were
up 10 cents, or 0.2 percent, at $53.18 a barrel by 0009 GMT. The
market has gained for six sessions in a row, its longest rising
streak this year.
The international benchmark, Brent crude futures,
gained 9 cents, or 0.2 percent, at $56.07 per barrel.
Libya's Sharara oilfield was shut on Sunday after a group
blocked a pipeline linking it to an oil terminal, a Libyan oil
source said. The field had only just returned to production,
after a week-long stoppage ending in early April.
The outage added to a rally that started late last week
after the United States fired missiles at a Syrian government
While Syria produces only small volumes of oil, the Middle
East is home to more than a quarter of the world's oil output.
The gain in oil prices comes despite rising U.S. shale oil
"Crude oil prices were firmer as oil investors shrugged off
rising U.S. supplies and looked forward to the summer driving
season," ANZ said in a note.
U.S. crude inventories touched record highs both at the U.S.
storage hub of Cushing, Oklahoma, and in the U.S. Gulf Coast in
recent weeks, according to U.S. government data.
Oil prices have also been supported by a deal led by the
Organization of the Petroleum Exporting Countries to cut output
by 1.8 million barrels per day for the first six months of 2017,
to get rid of excess supply. Libya and fellow OPEC member
Nigeria are exempt from cuts.
In a sign of OPEC confidence that the deal is working,
Kuwait's oil minister said he expected producers' adherence in
March to their supply cut pledges to "be higher than the
previous couple of months."
(Reporting by Naveen Thukral; Editing by Richard Pullin)