Oil nears $59 as U.S. supply falls, Middle East tension rises

Oil futures settled higher, with the U.S. benchmark near $59 a barrel as the government reported a third straight weekly fall in crude supplies and tensions in the Middle East intensified.

Prices recouped less than half of what it lost day earlier, however, as U.S. production failed to decline as some traders had expected.

On the New York Mercantile Exchange, July crude CLN5, +0.12%  settled at $58.98 a barrel, up 99 cents, or 1.7%. Prices, which dropped 3.7% on Tuesday on the back of a stronger U.S. dollar, pared gains after the supply data, then moved back toward the session’s high by the close.

July Brent crude LCON5, +0.22%  on London’s ICE Futures exchange rose $1.01, or 1.6%, to $65.03 a barrel.

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