The energy commodity also benefited from the International Monetary Fund enhancing projections for global development and growth for this year and 2013. But gains were tempered by oil-rich Iran committing to continuing diplomatic discussions about its nuclear program.
"We're rebounding in large part because of the better-than-expected bond auction in Europe," vice president Phil Flynn with brokerage PFGBest in Chicago told the news source. "The spread is coming in a great deal because there's less concern about a cutoff of Iranian supply and the Seaway reversal was moved up a couple days."
At 2:50 p.m. on Tuesday, crude oil futures increased 0.06 percent, a 7 cent lift to $118.75 per barrel.
The Wall Street Journal reports the Seaway pipeline reversal, which was devised as a method of facilitating a surplus of the energy commodity in Oklahoma, will kick off crude deliveries to the Gulf Coast sooner than anticipated.