Prices had briefly pared gains during Monday’s session after a speech by U.S. Federal Reserve Chairwoman Janet Yellen didn’t rule out an interest-rate increase for the central bank’s meeting this month.
July West Texas Intermediate crude CLN6, -0.28% added $1.07, or 2.2%, to settle at $49.69 a barrel on the New York Mercantile Exchange. The settlement was the highest since July 21 of last year.
August Brent crude LCOQ6, -0.36% tacked on 91 cents, or 1.8%, to $50.55 a barrel on London’s ICE Futures exchange.
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