- Crude oil prices gained in Asia on Tuesday, rebounding from overnight declines after Libya and rebels agreed to end a standoff that left oil ports closed for eight months.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May traded at $100.95 a barrel, up 0.50%, after hittinga session low of $99.95 a barrel and a high of $101.32 a barrel.

Brent crude on the ICE futures exchange fell 90 cents, or 0.9%, to $105.82 a barrel.

Libyan government officials and rebels reached an agreement over the weekend to re-open Zueitina and Hariga ports, which normally export a combined total of 200,000 barrels a day, mostly to Europe.

The news sent oil prices falling, as the end to the standoff will increase global supply.

Later today the market will wait for U.S. crude and distilaltes stockpile data from industry group, the American Petroleum Institute, expected to show a crude drawdown of 5.8 million barrels.

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