Oil Futures Rebound As Supply Disruptions Continue

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures settled higher on Monday, rebounding from last week's loss amid ongoing supply disruptions in Canada and Nigeria. Prices had briefly pared some of their earlier gains after U.S. Federal Reserve Chairwoman Janet Yellen, in a speech Monday, failed to rule out an interest-rate increase at the central bank's meeting later this month. But "her acknowledgement of the poor jobs data in May and the consequences of a Brexit on U.S. monetary policy led to speculation that a rate increase could be delayed further out," said Fawad Razaqzada, market analyst at Forex.com. July WTI crude settled at $49.69 a barrel on the New York Mercantile Exchange, up $1.07, or 2.2%. Prices, which lost 1.4% last week, settled at their highest level since July.

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