London - Oil rose to $62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in US output.
Egypt on Monday bombed Islamic State targets in Libya, where violence has reined in most oil output, and Iraq's semi-autonomous Kurdistan Regional Government threatened to withhold oil exports if Baghdad failed to send its share of the budget.
"The low oil prices are forcing a reduction of drilling rigs in the US but also of budgets in oil-exporting countries," said Olivier Jakob, oil analyst at Petromatrix.