Oil futures settled slightly lower on Tuesday, pulling back from a three-month high as traders looked ahead to the week’s updates on petroleum inventories and a meeting of the Organization of the Petroleum Exporting Countries.Traders remained optimistic that recent strength in global economic data signals a coming boost for energy demand. Crude oil for July delivery fell 6 cents, or 0.1%, to settle at $104.35 a barrel on the New York Mercantile Exchange, after tapping a high of $105.06.
Prices pulled back from the session’s highs after settling at $104.41 on Monday — the highest for a most-active contract since March 3. They posted the biggest one-day rise — up $1.75 or 1.7% — in about two months.
Strategists said oil remains underpinned by recent data, including last Friday’s U.S. nonfarm payrolls report for May, an upward revision to Japanese economic growth and Chinese trade data.
Chinese exports soared 7% last month, as “consumers world-wide bought up Chinese-made goods,” said analysts at the Kilduff Report. “This helps everyone look past China’s internal problems and take a more positive view of their economic