Oil settled higher Tuesday, with supply concerns tied to political unrest in the Middle East lifting prices for the global crude benchmark to its highest finish in 3½ years. Growth in U.S. output, meanwhile, has tamed price moves for U.S. benchmark crude in recent sessions, preventing it from notching a fresh multiyear high. On the New York Mercantile Exchange, June West Texas Intermediate crude added 35 cents, or 0.5%, to settle at $71.31 a barrel. It had settled at $71.36 on Thursday, its highest since Nov. 26, 2014. July Brent crude oil the European and global benchmark, climbed by 20 cents, or 0.3%, to $78.43 a barrel, marking another finish on ICE Futures Europe at the highest since late November 2014. The price spread between U.S. benchmark WTI and Brent has widened to more than $7 a barrel. “The spread between the two contracts is basically Europe and Asia screaming for more oil from the United States to fill the potential void and feed their ravenous oil demand,” he said. (source: marketwatch)