Crude Oil Hits Two-Week High

Updated from 2:15 p.m. EDT

Prices of oil futures continued their rebound on Tuesday, boosted by an inflow of bargain hunters and concerns that an active hurricane season would wipe out Gulf Coast oil production.

Light, sweet crude for July delivery rose $1.80 to nearly a two-week high of $71.76 a barrel, helped in part by a fire at a gulf refinery. On Monday, the contract sank to a seven-week low of $68.17 a barrel before it rallied to close at $69.23.

Meanwhile, shares in oil services companies such as drillers rose sharply after a recent selloff. Investors likely thought the declines were too extreme and returned to the market looking for more attractive price tags. ...