Oil Futures Buoyed on Tuesday by Expectations of Declining Inventories

Crude oil prices rebounded on Tuesday, settling at a four-week high after rising on expectations that weekly domestic inventory data would show a decline, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, May West Texas Intermediate crude oil rose 79 cents, or 1.6%, to settle at $51.03 a barrel. Earlier in the session, WTI retreated below $50 a barrel before climbing to its final settlement.

On London’s ICE Futures Exchange, June Brent crude, the global benchmark, added $1.05, or 2%, to end trading at $54.17 a barrel.

The American Petroleum Institute is set to release its weekly inventory data late Tuesday afternoon. Weekly data from the U.S. Energy Information Administration is scheduled for release on Wednesday morning.

Last week’s data showed signs of rising fuel demand in the U.S. and falling product inventories, which sparked a rise in crude futures.

Back on the New York Mercantile Exchange, May natural gas climbed 5.2% to settle at $3.293 per million British thermal units, its highest close since January 27.

 

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