Oil futures finished higher on Tuesday, with the U.S. benchmark rebounding after a drop to a more than one-week low a day earlier, as investors awaited weekly petroleum data, which may reveal a fourth straight weekly rise in domestic crude inventories and declines in product supplies.
The U.S. benchmark, West Texas Intermediate crude for May delivery rose 65 cents, or 1%, to settle at $64.05 a barrel on the New York Mercantile Exchange. It also fell Monday to finish at $63.40, the lowest for a most-active contract since April 5, according to Dow Jones Market Data. June Brent crude the global benchmark, added 54 cents, or 0.8% to $71.72 a barrel on ICE Futures Europe.
Supportive factors for oil include reduced output from Russia, sanctions on Iranian oil, and rising U.S. oil refinery operating rates, but with a large net long position in the market, oil is “vulnerable to long liquidation on headline risk,” Gecas said.
Source : Marketwatch