: U.S. oil futures settle below $70 a barrel, at lowest in nearly 4 weeks

U.S. oil futures declined on Tuesday, settling below $70 a barrel for the first time since early May. “We’ve seen oil prices slide back again as investors look towards the next stage of the U.S. debt ceiling saga and concerns that sticky inflation will likely act as a brake on demand and ergo the wider global economy,” said Michael Hewson, chief market analyst at CMC Markets UK. “Output levels, which were expected to get tightened during the months of April and May, haven’t been as tight as expected meaning that supplies are higher than expected.” July West Texas Intermediate crude CLN23 fell $3.21, or 4.4%, to settle at $69.46 a barrel on the New York Mercantile Exchange. That was the lowest finish since May 4, according to FactSet data.

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