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
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