Oil Futures Settle At a Nearly Three Week High

By Markets MarketWatch Pulse

Oil futures settled at their highest level in almost three weeks on Monday, buoyed by expectations for output declines and signs of stronger demand for crude. Prices also got a boost after a U.S. government report showed that domestic shale-oil production was forecast to fall by 114,000 barrels a day next month. May WTI crude rose 64 cents, or 1.6%, to settle at $40.36 a barrel on the New York Mercantile Exchange. That was the highest settlement since March 22.

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