Nymex Oil Settles 2.5% Higher

MarketWatch Pulse

Oil futures climbed on Tuesday, buoyed by a weaker dollar and expectations for a weekly decline in U.S. crude supplies. Analysts polled by Platts expect the Energy Information Administration on Wednesday to report a weekly decline of 250,000 barrels in crude inventories. Prices also found support after a government report forecast lower shale output in June. Crude for June delivery rose $1.50, or 2.5%, to settle at $60.75 a barrel on the New York Mercantile Exchange. That was the highest settlement since May 6.

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