Crude Oil Futures Close Above $60 a Barrel on Tuesday

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rude oil futures, which reached a 17-month low on Friday, climbed past the $60-a-barrel mark at the close of trading on the New York Mercantile Exchange, Bloomberg reported Tuesday.

News that the Trans-Alaska pipeline system would reduce the volume of crude it transports to 35% of its 800,000-barrel-a-day norm, coupled with the shut-down of Marathon Oil’s Brae Alpha platform in the North Sea following the discovery of a gas leak there prompted the sharpest one-day increase in oil prices since Oct. 25, Bloomberg said.

Crude oil futures rose $1.32 on Tuesday to close at $60.12 a barrel on the New York Mercantile Exchange, Bloomberg reported.