Oil climbed Tuesday, as a lower 2018 forecast on U.S. crude production and speculation of possible output curbs in Libya and Nigeria fueled the strongest session gain for prices in over a week.
Expectations for a second-consecutive weekly decline in U.S. crude supplies also provided support.
August West Texas Intermediate crude CLQ7, +1.42% rose 64 cents, or 1.4%, to settle at $45.04 a barrel on the New York Mercantile Exchange. That was the largest dollar and percentage gain since July 3, FactSet data show. September Brent crude LCOU7, +1.18% on ICE Futures Europe added 64 cents, or 1.4%, to $47.52 a barrel.
Annual U.S. crude -oil production
In a monthly report issued Tuesday, the U.S. Energy Information Administration lowered its WTI and Brent oil-price forecasts for this year and next and cut its 2018 U.S. production forecast by 1% to 9.90 million barrels a day.
Still, on an annual basis, 2018 domestic production remains on track to reach a record high.