Oil above $59
Reuters, London
Oil prices edged 0.6 percent higher on Tuesday after bad weather forced a loading halt at Alaska's main export terminal and analysts forecast a drawdown in U.S. fuel stocks ahead of winter.U.S. crude rose 39 cents to $59.19 a barrel by 1048 GMT, reversing Monday's 17-cent loss. London Brent crude rose 38 cents to $59.36. Prices got a lift from news that crude loadings at the port of Valdez, Alaska, were halted on Monday. High winds forced operators to suspend loadings at the port, slowing the 800,000 barrel per day Trans Alaska Pipeline to 25 percent of capacity. Analysts still expect government data on Wednesday to show that U.S crude stocks rose for the fourth week in a row by 700,000 barrels last week, according to a Reuters poll of industry analysts.
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