Oil futures climbed on Tuesday, but U.S. benchmark prices posted a loss for the month ahead Federal Reserve monetary policy decision and a committee meeting of the Organization of the Petroleum Exporting Countries and their allies, which are both scheduled for Wednesday. “The main driver for oil lately has been the potential for a resurgence of oil demand out of China, which may continue into February considering how Chinese economic momentum picked up in the overnight PMI reports,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. U.S. benchmark West Texas Intermediate crude for March delivery clh23 rose 97 cents, or nearly 1.3%, to settle at $78.87 a barrel on the New York Mercantile Exchange. Based on the front-month contract, prices lost 1.7% for the month, according to Dow Jones Market Data.
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