Oil climbs 2% on Mideast conflict, Libya outage

Brent crude futures settled US$1.47, or 1.9%, higher at US$77.59 a barrel, while US West Texas Intermediate crude (WTI) ended US$1.47, or 2.1%, higher at US$72.24.

NEW YORK: Oil prices climbed around 2% on Tuesday as the Middle East crisis and a Libyan supply outage pared the previous day's heavy losses.

Brent crude futures settled US$1.47, or 1.9%, higher at US$77.59 a barrel, while US West Texas Intermediate crude (WTI) ended US$1.47, or 2.1%, higher at US$72.24.