Crudeoil on MCX settled up 2.65% at 3179 as output disruptions were expected to reduce a long-standing glut in the market, leading Wall Street higher. Prices hit a six-month high on Monday as output disruptions were expected to cut into a long-standing glut in the market, while stocks rose sharply, boosted by basic materials and energy shares. 

U.S. West Texas Intermediate ( WTI ) futures were up 67 cents at $48.39 a barrel at 0635 GMT, the highest since October.

Brent crude futures were up 37 cents at $49.34 a barrel, near the six-month high of $49.47 reached on Monday.

                     The U.S. bank, which had long warned of global storage hitting capacity and of another oil price crash to as low as $20 a barrel, now sees U.S. crude trading as high as $50 in the second half of 2016.

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