Oil futures logged their highest settlement in five weeks on Tuesday, as the Organization of the Petroleum Exporting Countries forecast big cuts to oil investments that are expected to ease production and reduce global crude supplies.Speculation over a possible meeting among the major oil producers also provided support for oil prices, ahead of weekly updates on U.S. petroleum supplies.
November West Texas Intermediate crude CLX5, +1.09% climbed $2.27, or 4.9%, to settle at $48.53 a barrel on the New York Mercantile Exchange. That was the highest settlement since Aug. 31. November Brent crude LCOX5, +0.71% on London’s ICE Futures exchange rose $2.67, or 5.4%, to $51.92 a barrel.
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