Still, traders continued to keep an eye on events overseas. Reports that Israel had sent two warships to the Red Sea border with Egypt raised concerns about the prospect of additional conflict in the Middle East, some brokers said, helping to boost prices Tuesday.
The warships were dispatched following warnings that militants were planning an attack on southern Israel from Egyptian soil, according to The Associated Press.
Market participants are also keeping close watch on Libya for hints on when production and exports would restart. On Tuesday, a senior official of the rebel National Transitional Council said the country plans to rehabilitate many of its oil wells in days. Exports will resume gradually, the official said, according to AFP.