Crude oil ends higher, Brent at highest since April, with U.S. supply data ahead

Crude oil futures settled slightly higher on Tuesday, with Brent finishing at its highest level since late April, as investors awaited U.S. supply data and an update on U.S. inflation in June due Wednesday.

Price action

Market drivers

Global benchmark Brent oil settled at its highest level since late April following several supply cut announcements by OPEC+ members, including Saudi Arabia in recent weeks. Some analysts believe the recent rise could be a sign that prices are heading even higher, with Brent…