Oil futures settled higher on Tuesday, with the market “in a bit of a wait-and-see mode here as traders look for insight as to whether or not the Colonial Pipeline will be back up and running at normal capacity by the end of the week” as the operators suggested on Monday, said Tyler Richey, co-editor at Sevens Report Research. “If not, we could see gasoline prices go parabolic in the near term as there are already reports of panic-buying by consumers across the southeast as well as gas stations that are out of fuel.”
June West Texas Intermediate crude CLM21, 1.39% rose 36 cents, or nearly 0.6%, to settle at $65.28 a barrel on the New York Mercantile Exchange.