U.S. oil futures settle above $70 for the first time since 2018

Oil futures climbed on Tuesday, with U.S. prices settling above $70 a barrel for the first time since October 2018. Prices extended their gains after the Energy Information Administration in its monthly report raised its 2021 West Texas Intermediate crude price to $61.85 a barrel, up 5% from the May forecast. Analysts polled by S&P Global Platts, on average, expect the EIA's weekly report Wednesday to show a decline of 4.1 million barrels in U.S. crude inventories for the week ended June 4. That would make a third-straight weekly decline. West Texas Intermediate oil for July delivery CLN21, +1.43% rose 82 cents, or 1.2%, to settle at $70.05 a barrel on the New York Mercantile Exchange after trading as high as $70.19.