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Futures Movers: Oil prices hover at 3 1/2-year highs on expectations for tighter global supply

Oil prices took a split path Tuesday, with the global benchmark scoring a fresh 3½-year high while the U.S. benchmark edged lower, with traders weighing the potential influence of developments tied to Iran and Venezuela against the prospects for domestic crude production.

Natural-gas futures rallied to their highest finish since January, ahead of the start of the summer cooling season.

June West Texas Intermediate crude CLM8, -0.21% on the New York Mercantile Exchange fell 11 cents, or nearly 0.2%, to settle at $72.13 a barrel. The contract, which expired at the day’s settlement, ended at $72.24 a barrel on Monday to mark the highest finish for a front-month contract since Nov.

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