NEW YORK (AP) The price of oil jumped to the highest level in six weeks amid expectations that U.S. supplies fell for the second week in a row.
Benchmark U.S. crude for January delivery gained $1.17 to close at $98.51 a barrel time on the New York Mercantile Exchange. Oil has gained $6.21, or 6.7 percent, since late November.
Investors are awaiting fresh information on U.S. stockpiles of crude oil and refined products.
Data for the week ending Dec. 6 is expected to show a decline of 2.8 million barrels in crude oil supplies and a decrease of 2.1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The industry-funded American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration the market benchmark will be out on Wednesday.