U.S. oil futures settle at a nearly 3-week high on bets for a significant OPEC+ output cut

Oil futures rose Tuesday, with U.S. prices marking their highest settlement since mid-September. Reports said the Organization of the Petroleum Exporting Countries and their allies will consider a production cut of 2 million barrels per day at their meeting Wednesday, higher than previous expectations for a 1 million-barrel reduction. November WTI crude CLX22, +2.92% rose $2.89, or 3.5%, to settle at $86.52 barrel on the New York Mercantile Exchange. That was the highest front-month finish since Sept. 14, FactSet data show.