U.S. benchmark crude-oil prices climbed on Tuesday, but marked a fourth monthly loss in a row. “Oil prices have fallen for the month due to an extremely warm winter in the U.S. and Europe,” said Jay Hatfield, chief executive officer at Infrastructure Capital Management. “In addition, recent mixed data on inflation and associated hawkish [Federal Reserve] commentary have been a headwind for oil as the dollar strengthened and stock prices came off of highs.” U.S. benchmark West Texas Intermediate crude for April delivery CLJ23 rose $1.37, or 1.8%, to settle at $77.05 a barrel on the New York Mercantile Exchange. Based on the front-month contract, prices lost 2.3% for the month, according to Dow Jones Market Data.
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