Oil Settles Lower After 4-session Climb

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices settled a bit lower Tuesday, pulling back after posting gains in each of the last four sessions. A report from the International Energy Agency released Tuesday warned that an extension of the output cuts led by Organization of the Petroleum Exporting Countries won't be enough to pull global supplies back to their five-year average. That offset support from expectations that OPEC will extend its production curbs. June West Texas Intermediate crude settled at $48.66 a barrel on the New York Mercantile Exchange, down 19 cents, or 0.4%.

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