Crude Oil rose over $2 on Tuesday as investors predicted that a report from the U.S. government tomorrow report will indicate a fall in oil inventories.
The weekly financial report from the energy department is scheduled for released tomorrow morning. According to a Bloomberg survey, analysts predict a large decline of 1.25 million barrels in oil supplies.
Crude Oil on the New York Mercantile Exchange went up $2.00 or 2.10 percent to $97.09 a barrel at 1:37 p.m. London Brent crude rose $1.97 or 2.09 percent to $96.11 a barrel.
In addition, militant sources reported on Tuesday that Nigeria's oil region is under a threat of armed groups who are preparing for a major attack. Nigeria is listed as number eight among the largest world's oil exporters and it's crude production has decreased as much as 20 percent since 2006 when the militant hostilities began.
Together with crude oil, other energy futures rose on Tuesday. February heating oil climbed 6.17 cents to $2.655 a gallon. February gasoline futures rose 5.57 cents to $2.4855 a gallon on the New York Mercantile Exchange.