Oil Market Update : Epic Research Singapore

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.

Adding further support to prices, a U.S. government agency cut its forecasts on domestic crude output for this year and next.

West Texas Intermediate crude for May delivery CLK6, -0.78% jumped $1.81, or 4.5%, to settle at $42.17 a barrel. That marked the best settlement of the year for a most-active contract, according to FactSet.

June Brent oil LCOM6, -0.43%  added $1.86, or 4.3%, to $44.69 a barrel on London’s ICE Futures exchange, which is also a 2016 high.

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