Oil settled higher Tuesday, with U.S. prices notching their highest finish in more than three years. Prices got a boost on expectations for further declines in U.S. crude supplies and comments from Saudi Arabia’s energy minister suggesting that producers may extend their production-cut agreement beyond its expiration at the end of this year. The Energy Information Administration is expected to report on Wednesday a decline of 1.6 million barrels in U.S. crude inventories for the week ended Jan. 19, according to S&P Global Platts. That would mark a tenth-straight weekly decline. March West Texas Intermediate crude rose 90 cents, or 1.4%, to settle at $64.47 a barrel on the New York Mercantile Exchange.
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