WTI and Brent Crude Settlements Energized on Tuesday

Oil futures rebounded on Tuesday as traders speculated that domestic government data reports will show yet another decline in crude supplies, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, July West Texas Intermediate crude added 79 cents, or 1.7%, to settle at $48.19 a barrel.

On the London ICE Futures Exchange, August Brent crude, the global benchmark, rose 65 cents, or 1.3%, to end trading at $50.12 a barrel.

Traders will be closely watching U.S. weekly oil data due Wednesday from the Energy Information Administration. The American Petroleum Institute will issue its own report on Tuesday. Analysts polled by S&P Global Platts forecast a decline of 3.5 million barrels in crude oil stocks for the week ending June 2.

Meanwhile, July natural gas ended at $3.042 per million British thermal units, up 6 cents, or 2%, after falling for a fifth straight session on Monday.


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