Oil Prices End At Two-week High

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices climbed Monday to their highest finish in two weeks, as a joint statement from Saudi Arabian and Russian energy ministers backed a nine-month extension to the output-cut agreement led by Organization of the Petroleum Exporting Countries. Prices, however, pulled back from earlier highs above $49 a barrel after the Energy Information Administration forecast a monthly rise of 122,000 barrels a day in June oil output from seven major U.S. shale plays. June West Texas Intermediate crude settled at $48.85 a barrel on the New York Mercantile Exchange, up $1.01, or 2.1%.

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