US Crude Oil Hits Highest Price Since December at Over $60 per Barrel

CNBC reported that oil prices hit highest points so far in 2015 on Tuesday after protests at the Libyan oil port of Zueitina stopped exports. Prices were also supported by Saudi Arabia’s decision to raise the selling prices for Arab Light grade crude to the US and Northern Europe.

As quoted in the market news:

U.S. crude oil closed up up $1.47, or 2.49 percent, at $60.40 a barrel. That was its highest settle since December 10. Brent crude oil climbed to a high of $68.40 a barrel its highest since December. The contract last traded at $67.50, up $1.05.

Oil was also supported by news that Saudi Arabia had raised its official selling prices for its Arab Light grade crude to the United States and Northwest Europe, pointing to strong demand in those regions.

Zueitina is one of the few Libyan ports still exporting oil as many others have closed due to fighting or disruptions at oilfields since the ousting of former dictator Muammar Gaddafi.

Click here to read the full CNBC report.