Oil Settles Well Above $50 a Barrel For 2015 High

Crude-oil futures settled at their highest level in 2015 Tuesday, helped by a pullback in the U.S. dollar and concerns that a dropoff in drilling activity will result in lower supplies. Crude oil for March delivery settled up $3.48, or 7%, at $53.05 a barrel, after touching an intraday high of $54.24. The U.S. Dollar Index was down 1% Tuesday. Last week, crude prices settled at $44.45, their lowest level since March 2009. Tuesday's boost came in advance of oil inventory data from the American Petroleum Institute later in the day, and Wednesday's U.S. Energy Information Administration figures.

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