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Up, Up and Away! Crude Oil Futures Settle Higher on Tuesday

Oil continued to climb on Tuesday as settlements rose to yet another two-year high, according to Bloomberg MarketWatch.

December Brent crude, which expired at the session’s settlement, added 47 cents, or 0.8%, to finish at $61.37 a barrel on ICE Futures Europe Exchange. The January contract tacked on 35 cents, or 0.6%, for a settlement of $60.94 a barrel.

On the New York Mercantile Exchange, December West Texas Intermediate rose 23 cents, or 0.4%, to settle at $54.38 a barrel, lifting the contract’s monthly gain to roughly 4.7%. Based on the front-month November contract at the end of September, prices climbed 5.2% for the month.

Weekly U.S. supply data are due from the American Petroleum Institute late Tuesday and the Energy Information Administration early Wednesday. Analysts polled by S&P Global Platts expect the EIA to report a fall of 1.4 million in last week’s crude stockpiles.

Back on the New York Mercantile Exchange, December natural gas fell 2.4% to $2.896 per million British thermal units, with the contract down 8.7% in October.