Published May 12, 2016 2:48pm EDT | Updated May 12, 2016 3:04pm EDT

Oil Futures Settle Higher For a Third Straight Session

Oil futures settled higher Thursday to mark a third straight session gain, buoyed by expectations that the global glut of crude supplies will ease on the back of production declines. June WTI crude rose 47 cents, or 1%, to settle at $46.70 a barrel on the New York Mercantile Exchange. Prices had fallen to lows under $46, pressured by rising production in Iran.