Oil prices gain for the session, but post a January loss

Front-month oil futures ended higher on Tuesday, but U.S. prices posted a third-straight monthly decline, ahead of this week’s Federal Reserve decision on interest rates and amid signs that Russian crude exports remain resilient.

Prices for the U.S. and global crude benchmarks marked their biggest monthly declines since November 2022, while natural gas marked its biggest monthly drop since January 2001, according to Dow Jones Market Data.

Price action

Market drivers

Oil…