Oil Futures Top $42 to Mark Highest Settlement of The Year

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Oil futures rallied above $42 a barrel Tuesday to settle at their highest level of the year, buoyed by a report that said Saudi Arabia and Russia have reached a deal to freeze production ahead of a meeting of major oil producers this weekend.

Adding further support, the Energy Information Administration raised its oil-price forecasts and cut its U.S. output expectations for this year and next.

May WTI crude rose $1.81, or 4.5%, to settle at $42.17 a barrel on the New York Mercantile Exchange. The settlement was the highest for a most-active contract this year.

Source: MarketWatch