Oil Futures Settle Near a One-week High

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures rallied on Tuesday to settle near their highest level in a week, rebounding from the two-month low seen just a day earlier. A report from the Organization of the Petroleum Exporting Countries showed that OPEC oil output and demand are likely to move into balance later this year. August WTI crude rose $2.04, or 4.6%, to settle at $46.80 a barrel on the New York Mercantile Exchange, the highest since July 6.

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