Crude oil is up 4%

Crude oil spiked to the highest levels in four weeks on Tuesday.

West Texas Intermediate crude futures in New York rose more than 4% to as high as $US48.35 per barrel.

Reuters reported that gasoline and diesel prices were also rallying, with US gasoline up nearly 6%, and ultra low sulphur diesel up about 5%.

After the market close on Tuesday, the American Petroleum Institute will release its weekly data on crude stockpiles, and analysts estimate a build by 4.1 million barrels according to

The Energy Information Agency will publish its data tomorrow.

Here’s a chart showing crude oil’s rise on Tuesday:

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