Oil rallies above $60 to settle at one-week high

Oil futures rallied by more than 3% on Tuesday as signs of an overall slowdown in U.S. crude production expected later in the year helped lift prices for the U.S. crude benchmark back above $60 a barrel.

May oil output was at its highest monthly level in more than four decades, but production is expected to slow during the second half of the year, according to a monthly U.S. government report.

Traders also awaited other monthly reports due out this week, which will offer demand forecasts. Weekly U.S. inventory data are due later Tuesday and on Wednesday morning. Meanwhile, talk centered on easing the ban on U.S. crude exports intensified.

July crude CLN5, +1.20% jumped $2, or 3.4%, to settle at $60.14 a barrel on the New York Mercantile Exchange. July Brent crude LCON5, +0.65%  on London’s ICE Futures exchange rose $2.19, or 3.5%, to $64.88 a barrel. Both contracts settled at their highest since June 2.

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