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.

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