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
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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.