Futures contract , light sweet crude or West Texas Intermediate ( WTI ) for delivery in June , rose 1.11 dollars to close at 101.70 dollars a barrel on the New York Mercantile Exchange . This position is the highest closing price since 24 April 2014 .
Brent crude oil for June delivery rose 83 cents to settle at 109.24 dollars a barrel in London trade .
WTI surged in electronic markets on Tuesday morning , after U.S. Secretary of Energy Ernest Moniz told reporters in South Korea that the U.S. is considering a ban on the export of long-standing , albeit without saying what the options are being considered .
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" The problem of crude oil exports in consideration ... Pusher for this consideration is that basically our oil production was probably far will not adjust to our current refinery capacity , " Moniz said in a statement reported by the office .
With U.S. commercial crude stocks running near record levels and the producers encourage the elimination of the export ban , the statement was quickly boost the price of the black gold .
" It was the first time that someone at that level ... say something that is seen in particular , " said Carl Larry , analyst at Oil outlooks and Opinion .
" We have never before at this point in our history , " he added .
This problem still face debate , with resistance , especially from refiners and others who may suffer if crude exports to push prices higher .
" The increase on Tuesday was just a spontaneous reaction to something that could change in the long term , " said Matt Smith , an analyst at Schneider Electric .
Smith said the oil market sentiment also gain strength from the continuing conflict in Ukraine and anticipation of U.S. oil inventory report on Wednesday , which is expected to show another decline in the trade center Cushing , Oklahoma , which is strictly observed .
" The market shrugged off weak economic data from China and Europe because of the focus on export news and geopolitical tensions , " said Smith .