Oil futures rallied above $58 a barrel on Wednesday, lifting prices to their highest settlement of the year on the heels of a drop in the U.S. dollar and data showing a decline in crude supplies at the nation’s oil-storage hub.June crude CLM5, +0.19% settled at $58.58 a barrel, up $1.52, or 2.7%, on the New York Mercantile Exchange. It was trading around $57.40 before the supply data.
Meanwhile, June Brent crude LCOM5, -0.46% on London’s ICE Futures exchange climbed $1.20, or 1.9%, to $65.84 a barrel.
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