Oil futures at highest settlement of the year amid speculation of production stabilization

West Texas Intermediate crude for May delivery spiked by 4.5%, to settle at US$42.17 a barrel. While June Brent spiked by 4.3%, to US$44.69 a barrel on London’s ICE Futures exchange, which is also a 2016 high. Oil futures rallied to their highest settlement of the year, on speculation that Saudi Arabia and Russia have reached a deal to stabilize production, ahead of a meeting of key oil producers in Doha, Qatar, this weekend, as per marketwatch.com. Adding further support to prices, a U.S. government agency cut its forecasts on domestic crude output for this year and next.
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