Oil prices settle higher, supported by signs of tighter supplies

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Oil futures finished higher on Tuesday, shaking off earlier losses as concerns over the Organization of the Petroleum Exporting Countries’ inability to significantly raise production and talk of more U.S. restrictions on fossil fuels created an environment for higher oil prices, said Phil Flynn, senior market analyst at The Price Futures Group. Some expectations for a bigger interest-rate hike by the European Central Bank on Thursday led to strength in the euro, pressuring the dollar and helping to boost dollar-denominated prices of oil, he said. West Texas Intermediate crude for August delivery CLQ22, -1.05% rose $1.62, or 1.6%, to settle at $104.22 a barrel on the New York Mercantile Exchange.

This article was originally published by Marketwatch.com. Read the original article here.

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