New York-Oil futures settled higher Tuesday after Iraq’s oil minister said Saudi Arabia and Russia were showing greater “flexibility” over production levels, lifting hopes an output cut could be forthcoming. NYMEX March crude settled $1.11 higher at $31.45/b. ICE March Brent settled up $1.30 at $31.80/b. NYMEX February ULSD settled 3.24 cents higher at 96.77 cents/gal, while NYMEX February RBOB settled up 1.72 cents at $1.0472/gal.
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