Oil Prices Log Second-highest Settlement Of The Month

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices climbed Thursday, marking their second-highest settlement so far this month. Data from the Energy Information Administration Wednesday showing a bigger-than-expected decline in U.S. crude supplies continued to provide support ahead of the Organization of the Petroleum Exporting Countries' meeting on May 25. "We expect the next two weeks to be traded on a lot of rhetoric and headlines ahead of the crucial production decision," said John Macaluso, an analyst at Tyche Capital Advisors. June WTI crude rose 50 cents, or 1.1%, to settle at $47.83 a barrel on the New York Mercantile Exchange after rallying by 3.2% on Wednesday. Prices settled at their highest since May 1, according to FactSet data.

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