Oil futures mark highest settlement of the year

Crude-oil futures climbed on Tuesday as upbeat comments by Saudi Arabia’s oil minister helped lift the U.S. benchmark to its highest settlement of the year, ahead of a key meeting of the Organization of the Petroleum Exporting Countries later this week.

Weakness in the U.S. dollar and expectations that weekly data will show a decline in U.S. crude supplies also provided support for oil.

On the New York Mercantile Exchange, July crude CLN5, -0.59%  rose $1.06, or 1.8%, to settle at $61.26 a barrel. Based on the most-active contract, that was the highest settlement price since early December.

July Brent crude LCON5, -0.47%  added 61 cents, or 0.9% to $65.49 a barrel on London’s ICE Futures exchange.

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