Futures in New York rose 0.2 percent after a 3.6 percent decline last week. The Sharara field, Libya’s biggest, has started producing again after stopping on Sunday following a closure of the pipeline carrying oil to the Zawiya refinery, according to a person with knowledge of the matter. The halt came shortly after protests disrupted output at another Libyan deposit in February. Libyan production had been surging in recent months, becoming a thorn for the market on concern that further growth could test the country’s pledge to curb production as part of OPEC’s plan to limit a global oversupply. The increase, together with warnings of rising U.S. output from organizations including the the International Energy Agency, has prevented prices from regaining the highs of January even as most OPEC members continue to cut supply. Click Read More below for additional information.

Oil rose on Tuesday, holding above $70 a barrel for a third day, supported by concerns that tensions in the Middle East could lead to supply disruptions, although with global output rising fast, investors remained cautious. Brent crude futures LCOc1 were up 28 cents on the day at$70.40 a barrel by 0848 GMT, while West Texas Intermediate (WTI) crude futures CLc1 were up 19 cents at $65.74 a barrel. The oil price has risen by more than 7 percent so far this month and by 5.3 percent in the first three months of the year, putting it on track for a third consecutive quarterly gain, something the market has not witnessed since late 2010.

The oil prices were bullish in the market as geopolitical tensions in the Middle East dies down. The commodity’s prices managed to hit another milestone despite the astonishing performance of the dollar in the market. The commodity continues to push great performance in the market on multiple factors. The great oil inventories reports and the OPEC agreement to extend the output cut have managed to put the prices on its best figures ones again. Click Read More below for additional information.