West Texas Intermediate crude prices settled higher on Tuesday for the first time in five sessions, as some traders bet that weekly U.S. data will show a decline in oil inventories.But prices for Brent crude finished with a loss.
Another drop in Chinese stock prices and expectations that Iran will soon contribute more oil to the global market kept a lid on any price gains for oil.
September crude CLU5, -0.23% settled at $47.98 a barrel on the New York Mercantile Exchange, up 59 cents, or 1.2%. Prices tapped intraday lows under $47.
Brent crude LCOU5, -0.28% shed 17 cents, or 0.3%, to end at $53.30 a barrel on London’s ICE Futures exchange.
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