Oil tops $53 to settle at highest level in a week

Oil futures settled at their highest in a week on Tuesday, with talk of a potential output cut from the Organization of the Petroleum Exporting Countries and expectations for a decline in U.S. production combining to lift prices for the U.S. crude benchmark above $53 a barrel.

Crude for delivery in May CLK5, -0.73% climbed $1.38, or 2.7%, to settle at $53.29 on the New York Mercantile Exchange. The settlement was the highest since April 7 and marked a fourth straight session climb. May Brent crude on London’s ICE Futures exchange, which expires Wednesday, UK:LCOK5 rose 50 cents, or 0.9%, to $58.43 a barrel.

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