NEW YORK—U.S. oil prices rose to a new 2016 high Tuesday on expectations that continued supply disruptions would help reduce the oversupply of crude. Light, sweet crude for July delivery settled up 54 cents, or 1.1%, to $48.62 a barrel on the New York Mercantile Exchange, the highest settlement since October. Brent, the global benchmark, rose 26 cents, or 0.5%, to $48.61 a barrel on ICE Futures Europe. Brent crude hasn’t settled below the U.S. benchmark since January. U.S. oil prices have surged more than 85% from their mid-February lows on expectations that the global crude glut that sent prices plunging in mid-2014 is set to shrink. Production has started to fall in some regions including the U.S. due to spending cuts, and unexpected outages in other countries are keeping additional barrels off the market. Citigroup Inc. on Tuesday called for Brent crude to reach $50 a barrel in […]