Oil futures settled above $60 a barrel on Tuesday — at their second-highest level of the year — buoyed by a weaker dollar as traders bet that upcoming data will show a decline in U.S. crude supplies.Prices also got a boost from a report that forecast further production declines in June among key U.S. shale plays and news of new airstrikes in Yemen ahead of a planned cease-fire.
On the New York Mercantile Exchange, June crude CLM5, +0.81% rose $1.50, or 2.5%, to settle at $60.75 a barrel. That was the highest since May 6, which saw the highest settlement of the year. Brent crude for delivery in June LCOM5, +0.45% added $1.95, or 3%, to $66.86 a barrel on London’s ICE Futures exchange.
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