Oil futures bounced back Wednesday from earlier weakness that was driven by data showing an unexpectedly weekly climb in U.S. crude supplies. Since prices for U.S. benchmark crude hit new multi-year highs late last week, "the market has been in a digestive, sideways churn," said Tyler Richey, co-editor of the Sevens Report. "For now, geopolitical angst and optimism about global growth underpinning energy demand are trumping supply side concerns, but a resurgence in U.S. oil output remains the single biggest threat" to the oil rally. June West Texas Intermediate crude rose 35 cents, or 0.5%, to settle at $68.05 a barrel on the New York Mercantile Exchange.