Oil futures end higher for the first time in 4 sessions

U.S. and global benchmark crude-oil prices posted a gain on Monday for the first time in four trading sessions. The U.S. debt-ceiling negotiations stand out as a significant risk for global crude prices, both due to the potential for broader economic consequences as well as the importance of the U.S. dollar’s value on crude pricing,” said Robbie Fraser, manager, global research and analytics, at Schneider Electric. Still, optimism over a debt-ceiling deal, as well as the potential repurchase of oil for the U.S. Strategic Petroleum Reserve provided support for oil. June West Texas Intermediate crude
CLM23,
+0.46%
rose $1.07, or 1.5%, to settle at $71.11 a barrel on the New York Mercantile Exchange.