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OPEC expects supplies from its rivals to increase by the most in five years in 2019, with extra oil from the United States alone sufficient to meet the growth in global demand.

Libya’s oil industry revival suffered a setback Tuesday after an explosion at a pipeline carrying crude to the OPEC nation’s biggest export terminal. Oil rallied.

Crude rallied as lower OPEC production and signs of shrinking U.S. oil inventories bolstered expectations for an end to the global surplus.

Oil climbed to a two-year high as U.S. industry data showed crude stockpiles resumed declines and investors awaited a decision by OPEC on extending output cuts.

Oil climbed Oct. 13 as dwindling U.S. crude stockpiles and near-record Chinese imports signaled the worldwide glut is eroding.

Oil dropped as OPEC’s production increased last month, at a time when U.S. drillers are also ramping up.

Oil advanced to the highest level since May after U.S. gasoline stockpiles plunged to a 22-month low and exports of crude and fuels surged.

Oil topped $50 a barrel for the first time and closed at a six-week high amid heightened optimism that a demand resurgence is in the offing.

Oil extended gains from the highest close in seven weeks as industry data showed U.S. crude stockpiles plunged, easing a glut.

Oil declined after tanker-tracker Petro-Logistics SA said OPEC’s supply in July will be the highest this year.