U.S. oil futures gave up early declines to finish higher on Tuesday. Oil prices saw a real turnaround on reports that the Biden administration planned to buy back oil for the U.S. Strategic Petroleum Reserve as soon as maintenance and repair work were completed, said Phil Flynn, senior market analyst at The Price Futures Group. Oil prices had traded lower for much of Tuesday’s trading session, pressured after data on China’s crude imports reportedly showed a decline in April and amid worries about an economic recession. June West Texas Intermediate crude CLM23 rose 55 cents, or nearly 0.8%, to settle at $73.71 a barrel on the New York Mercantile Exchange.
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