Oil gains for a third straight session, with U.S. prices at their highest since mid-June

Oil futures finished higher for a third consecutive session on Tuesday, with the U.S. crude benchmark settling at its highest price since mid-June. “The easing of China’s zero-COVID policy helped oil to the third day of gains following a decent correction in recent weeks,” said Craig Erlam, senior market analyst at OANDA. Also supporting oil were reports that the United Arab Emirates and Saudi Arabia are “producing near capacity, in stark contrast to claims that both are holding back and could do more.” West Texas Intermediate crude for August delivery rose $2.19, or 2%, to settle at $111.76 a barrel on the New York Mercantile Exchange. Prices based on the front month settled at their highest since June 16, FactSet data showed. After a delay due to “systems issues,” the Energy Information Administration will release U.S. petroleum supply data for the weeks ended June 17 and June 24 on Wednesday.

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