Oil futures settled higher on Tuesday for a second straight session. The potential for new output cuts from the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, which meets Sunday, provided support for oil prices Tuesday, said Christin Kelley, senior commodity analyst at Schneider Electric. Also, “growing internal opposition to lockdown measures in China, as well as an increasing push to vaccinate the elderly, are driving speculation of a potential reopening of China’s economy,” she said. “Such measures would help support crude demand for the world’s largest crude importer.” U.S. benchmark WTI crude for January delivery CLF23 rose 96 cents, or 1.2%, to settle at $78.20 a barrel on the New York Mercantile Exchange. On Monday, prices shook off early losses to finish with a 1.3% gain.
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