U.S. oil futures rallied Tuesday to mark their highest finish in more than a week. The oil market is “getting a cold slap in the face as the market prepares for what potentially could be one of the coldest of cold snaps in decades,” said Phil Flynn, senior market analyst at The Price Futures Group. “Heating fuel demand is expected to surge, testing the wherewithal of our supplies.” A cooler-than-expected U.S. inflation reading Tuesday pressured the U.S. dollar, also providing support to oil priced in dollars. The U.S. benchmark WTI crude for January delivery CLF23 rose $2.22, or 3%, to settle at $75.39 a barrel on the New York Mercantile Exchange, the highest finish since Dec. 5, FactSet data show.
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