: U.S. oil futures end at highest since mid-April

U.S. oil prices settled Tuesday at their highest since mid-April, ahead of Wednesday’s weekly update on domestic petroleum supplies from the Energy Information Administration. “Near-term, the market is going to look at U.S. inventory numbers to see whether they indicate an elevated level of exports, which would indicate how tight Asian markets especially are,” said Michael Lynch, president of Strategic Energy & Economic Research. “That would be a signal about both Chinese demand and Russian oil exports.” West Texas Intermediate crude for September delivery CLU23 climbed 89 cents, or 1.1%, to settle at $79.63 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract finished at their highest since April 18, according to FactSet data.

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