U.S. oil prices settle at a 3-month high as traders bet on an output cut extension
U.S. oil futures climbed Tuesday to settle at their highest since early March, buoyed by reports that major oil producers plan to extend their current production cuts beyond the end of June. The Organization of the Petroleum Exporting Countries and its allies were nearing an agreement to extend collective production cuts through Sept. 1, and planned to discuss output curbs during a meeting via conference call on Thursday, The Wall Street Journal reported Monday, citing comments from delegates. Thursday's call would bring forward a meeting that the OPEC website still has scheduled for June 9-10. July West Texas Intermediate oil rose $1.37, or 3.9%, to settle at $36.81 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to Dow Jones Market Data.