U.S. oil futures settle above $80 a barrel for the first time since 2014

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Oil futures climbed on Monday, with U.S. prices settling above the $80 mark for the first time since late October 2014. Last week’s decision by the Organization of the Petroleum Exporting Countries and their allies to raise oil output by the previously agreed upon 400,000 barrels per day each month “remains a significant tailwind for oil and the refined products right now,” said Tyler Richey, co-editor at Sevens Report Research.” That supply side news combined with mostly encouraging economic data suggest demand should remain healthy and keep the physical market in a deficit in the months ahead.” West Texas Intermediate crude for November delivery rose $1.17, or 1.5%, to settle at $80.52 a barrel on the New York Mercantile Exchange.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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