Oil futures settle at highest in a week on bets OPEC+ may delay output curbs

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Oil futures rose Tuesday, with U.S. prices settling at their highest in a week, boosted by expectations that the Organization of the Petroleum Exporting Countries and their allies may delay production curbs set to begin at the start of the year. “Sentiment on oil has turned more positive as supply appears more constrained than previously thought and concerns about demand may be easing,” said Peter McNally, global sector lead for industrials, materials and energy at Third Bridge. Also, OPEC meets at the end of this month, so “there is still time to adjust the additional barrels that are due to return to the market.” Traders also watching developments tied to the U.S. election, with a win by Democrat Joe Biden likely to lead to higher oil prices in the future, but declines in oil-company stock prices, said Manish Raj, chief financial officer at Velandera Energy. December West Texas Intermediate crude rose 85 cents, or 2.3%, to settle at $37.66 a barrel on the New York Mercantile Exchange.
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