Oil climbed Tuesday, with futures prices settling near $63 a barrel for their highest finish since December 2014. Expectations that the Energy Information Administration on Wednesday will report an eighth straight weekly decline in U.S. crude inventories and concerns that unrest and possible sanctions will hurt Iranian crude production contributed to the price gains. February West Texas Intermediate crude rose $1.23, or 2%, to settle at $62.96 a barrel on the New York Mercantile Exchange.
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