Crude Up About 2% As US Oil Products Jump; Eyes On Iran

Reuters

NEW YORK, June 23 (Reuters) - Crude futures rallied around 2 percent on Tuesday, latching onto a rebound in oil products ahead of U.S. inventory data expected to show strong demand for gasoline.

Also supporting prices were signs of trouble with an impending Iranian nuclear deal that could delay Tehran's hopes of lifting Western sanctions on its oil exports.

A strong dollar, which usually pressures commodity prices, did little to temper the rally.

Brent crude futures settled up $1.11, or 1.8 percent, at $64.45 a barrel.

U.S. crude futures settled at $61.01, up 63 cents, or 1 percent.

Oil products gained even more, leading the charge.

Gasoline futures settled up 2.3 percent, holding above the 50-day moving average they briefly fell below on Monday for the first time since February.


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Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours