U.S. oil futures settled higher for a fourth session in a row on Tuesday, at their highest since January, with prices continuing to find support after Sunday’s surprise OPEC+ decision to cut production by more than 1 million barrels a day, on top of output reductions already in place. The announced cuts will turn the market to a deficit in the second half but for now, “inventories are still flush with oil,” said Manish Raj, managing director at Velandera Energy Partners. May West Texas Intermediate crude
CLK23,
rose 29 cents, or 0.4%, to settle at $80.71 a barrel on the New York Mercantile Exchange. The settlement was the highest since Jan. 26, according to Dow Jones Market Data.
