UPDATE: Oil prices settle at a 3-year high

01/03/18 03:09 PM EST

Oil prices rallied Wednesday to their highest settlement (http://www.marketwatch.com/story/crude-prices-get-fresh-lift-from-extended-iran-unrest-2018-01-03) in about three years as ongoing protests in Iran continued to raise concerns over crude output in the country, which is the Organization of the Petroleum Exporting Countries' third-biggest producer. Prices also climbed ahead of Thursday's holiday-delayed Energy Information Administration report, which is expected to reveal a drop of 5.7 million barrels in crude stockpiles for the week ended Dec. 29, according to an S&P Global Platts survey. February West Texas Intermediate crude rose $1.26, or 2.1%, to settle at $61.63 a barrel on the New York Mercantile Exchange. That was the highest most-active futures contract settlement since December 2014, according to FactSet data.

-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com

 

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01-03-18 1509ET

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