Oil futures, however, finished the session lower after failing to hold above the key $50-a-barrel price level, with the Organization of the Petroleum Exporting Countries’ meeting this week not expected to yield any deal to ease crude production.
Elsewhere in the energy market, natural-gas futures rallied more than 5% as weather forecasts backed the potential for higher demand.
West Texas Intermediate crude for delivery in July CLN6, -0.45% settled at $49.10 a barrel, down 23 cents, or 0.5%, on the New York Mercantile Exchange after tapping a high of $50.10. For the month, prices finished roughly 6.9% above the $45.92 front-month contract settlement on April 29.
They climbed for a fourth-straight month—their longest stretch of monthly gains since 2011.
July Brent crude LCON6, -0.16% on London’s ICE Futures exchange shed 7 cents, or 0.1%, to end at $49.69 a barrel on the contract’s expiration day. Prices, based on the front-month contract, rose 3.2% for the month.
August Brent LCOQ6, -0.48% which became the front month at the settlement, ended at $49.89, down 47 cents, or 0.9%.
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