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June 15, 2021, 2:44 p.m. EDT

U.S. oil futures settle at highest in over 2 1/2 years

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By Myra P. Saefong

U.S. oil futures topped $72 a barrel on Tuesday to climb back to their highest finish in over two-and-a-half years. Prices got a boost from expectations of higher energy demand, ahead of a weekly U.S. government report that's expected to show a fourth-straight weekly decline in crude inventories. On average, analysts expect the Energy Information Administration on Wednesday to report a fall of 4.2 million barrels in crude supplies for the week ended June 11, following three consecutive weekly declines. On Tuesday, West Texas Intermediate oil for July delivery rose $1.24, or nearly 1.8%, to settle at $72.12 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since October 2018, FactSet data show.

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