U.S. oil futures settle at highest since January

Oil futures climbed on Tuesday, with U.S. prices settling at their highest since January a day after posting the lowest finish in more than a week. The oil market is “now stuck between two competing narratives,” said Troy Vincent, senior market analyst at DTN. “On the bullish side, you have hopes of OPEC+ cuts and a Chinese economic rebound in the second half of the year pulling oil prices higher,” he said. “On the bearish side, you have a growing expectation that the U.S. will move into recession later this year, pulling down growth hopes for developing economies as well.” May West Texas Intermediate crude
CLK23,
+2.06%
rose $1.79, or 2.2%, to settle at $81.53 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since Jan. 23, according to Dow Jones Market Data.