Crude prices rise after disruption in Libyan supplies

Crude prices rose on Tuesday to the highest in nearly a week after Libyan supplies were disrupted while Iran and Russia alluded to the prospect of extending the deal with OPEC to cut output to the end of the year. 

U.S. crude futures last traded at $48.48 a barrel, up from the opening of $47.82, with an intraday high at $48.71, and a low at $47.78. 

Crude's rise came after a source in the National Oil Company in Libya said production in the Sharari and Wafa fields in western Libya was stopped by the fighting factions, cutting output back to 252 thousand bpd, or third of the pre-war levels, and underpinning prices. 

On the other hand, Iran's oil minister Beijan Zangeh said it's possible to extend the production cuts with OPEC and other producers to the second half of the year, with statements coming from Russia by the same, buoying prices today. 

Markets await the U.S. American Petroleum Institute's report later today, with expectations for another inventory buildup, curbing the gains, after stockpiles reached successive record highs in recent weeks.