Oil futures mark highest settlement in 14 months

By Myra P. Saefong

SAN FRANCISCO (MarketWatch) — Oil futures closed higher on Tuesday to mark a 14-month high as political tension in Egypt continued to raise concerns over possible disruptions to oil trade in the region. Expectations for a decline in last week’s U.S. crude inventories also added support. August crude CLQ3 +1.34% rose 39 cents, or 0.4%, to settle at $103.53 a barrel on the New York Mercantile Exchange. That was the highest close for a most-active futures contract since May 2, 2012, according to FactSet. Prices had also closed at a 14-month high on Friday, before falling 8 cents on Monday.

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