Oil prices rallied on Tuesday, hitting multiyear highs amid confidence in further demand recovery, but crude continues to outpace refined products such as gasoline. In London, Brent crude for August delivery settled $1.13 higher at $73.99 per barrel. In New York, July West Texas Intermediate (WTI) on Nymex closed up $1.24 at $72.12/bbl, while the August contract gained $1.23 to end the session at $71.86/bbl.
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