Oil futures settle at highest since late April

Oil futures rose for a third straight session on Thursday to settle at their highest since late April. Crude’s continued rally is driven by “a technical bounce, short covering, OPEC+ cuts and their manifestation in lower exports, as well as strong peak seasonal demand from refineries,” said Matt Smith, lead oil analyst for the Americas at Kpler. West Texas Intermediate crude for August delivery
CLQ23,
+1.94%
rose by $1.14, or 1.5%, to settle at $76.89 a barrel on the New York Mercantile Exchange, the highest finish since April 25, according to Dow Jones Market Data.