Oil Futures Pare Gains, But Settle Above $57 a Barrel

Oil futures pared much of their gains by Tuesday’s close, ahead of weekly data that are expected to show an increase in crude supplies. Prices, however, still settled above $57 a barrel on the heels of weakness in the U.S. dollar and news that Iran seized a cargo vessel traveling in the Strait of Hormuz. June crude settled at $57.06 a barrel on the New York Mercantile Exchange, up 7 cents, or 0.1%.