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Crude oil futures settle higher as investors await inventory data

Crude oil futures settled higher on Tuesday as investors awaited weekly petroleum data, which may reveal a fourth straight weekly rise in domestic crude inventories and declines in product supplies. The Energy Information Administration's more closely watched inventories report is set for Wednesday. Meanwhile, supportive factors for oil include reduced output from Russia, sanctions on Iranian oil, and rising US oil refinery operating rates.

Benchmark crude oil futures for May gained 65 cents or 1 percent to settle at $64.05 a barrel on the New York Mercantile Exchange. June Brent crude rose 54 cents or 0.8 percent to settle at $ 71.72 a barrel on London's Intercontinental Exchange.

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