Oil futures on Thursday finished with a 25% gain for the month of April to tally their largest monthly gain in almost six years, as a weekly decline in crude inventories at the U.S. storage hub for the first time in months fed expectations that the nation’s production and supply glut will soon start to ease.June crude CLM5, +0.07% tacked on $1.05, or 1.8%, to settle at $59.63 a barrel on the New York Mercantile Exchange. Tracking the most-active contracts, prices were up about 25% for the month—the biggest monthly gain since May 2009, FactSet data show.
Meanwhile, Brent crude for June delivery LCOM5, -0.22% on London’s ICE Futures exchange—the global benchmark—finished up 94 cents, or 1.4%, to end at $66.78 a barrel—up about 21% from the settlement of most-active contract on March 31.
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