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U.S. oil futures end slightly lower a day after climbing by more than 4%

Prices for the U.S. oil benchmark made modest moves on Tuesday, settling a few cents lower for the session after a more than 4% climb a day earlier. Traders continued to eye the pace of recovery for energy production in Texas and also weighed potential outcomes for next week’s meetings among major oil producers. “Oil prices have continued to look resilient…in anticipation of a decent pickup in demand,” said Michael Hewson, chief market analyst at CMC Markets UK. “However at these levels, it could be argued the gains are looking a little over extended. That doesn’t mean we can’t see a move towards $70 a barrel” for Brent, but there “must be a concern that those sorts of levels could trigger some demand destructions.” Weekly data on U.S. petroleum supplies will be released by the American Petroleum Institute late Tuesday, followed by the Energy Information Administration’s report Wednesday. April West Texas Intermediate crude fell 3 cents, or nearly 0.1%, to settle at $61.67 a barrel. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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