Oil Market Update : Epic Research Singapore

The U.S. oil futures benchmark closed above $40 a barrel for the first time in 2016, a day after the Federal Reserve dialed back its expectations for rate increases and major oil producers set a meeting date to discuss a supply freeze.

On the New York Mercantile Exchange, West Texas Intermediate crude futures for April delivery CLJ6, +0.25%  jumped $1.74, or 4.5%, to settle at $40.20 a barrel—the highest close for a front-month contract since Dec. 3. May Brent crude LCOK6, +0.05% the global benchmark, rose $1.21, or 3%, to finish at $41.54 on London’s ICE Futures exchange—the highest finish since Dec. 4.

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