Oil Market Update

Crude-oil futures rose on Tuesday, getting an extra lift from strong U.S. economic growth and after some Arab members of the Organization of the Petroleum Exporting Countries said they see a rebound to $70 to $80 a barrel next year.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG5, -0.82% settled up $1.86, or 3.4%, at $57.12 a barrel. The contract hit a settlement low of $54.36 last Thursday.

February Brent LCOG5, -0.88% crude on London’s ICE Futures exchange was up 28 cents, or 0.5%, at $61.97 a barrel.