Oil tops $37 as traders bet on a weekly fall in crude stockpiles

Oil futures topped $37 a barrel on Tuesday, as prices continued to rebound from a nearly seven-year low ahead of data that are expected to show a second straight weekly drop in U.S. crude inventories.

Traders also pondered the impact of a potential lift to a 40-year-old ban on U.S. crude exports.

Crude-oil futures for delivery in January CLF6, -0.54%  settled at $37.35 a barrel, up $1.04, or 2.9%, on the New York Mercantile Exchange. January Brent crude LCOF6, -0.16% which expires on Wednesday, rose 53 cents, or 1.4%, to $38.45 a barrel on London’s ICE Futures exchange.

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