Oil prices gained Tuesday, reversing earlier losses, as traders weighed concerns about Iraqi and Libyan production against an oversupplied market. Light, sweet crude for March delivery settled up 75 cents, or 1.4%, at $53.53 a barrel on the New York Mercantile Exchange, the highest settlement since Dec. 30. Brent, the global benchmark, rose $1.13, or 1.8%, to $62.53 a barrel on ICE Futures Europe. Oil prices have plunged since June as ample global supply growth outweighed tepid demand, and many analysts expect the market to stay oversupplied through the first half of the year. However, recent violence and bad weather has affected output from Libya and Iraq, two major oil producers. Egyptian airstrikes against Islamic State […]