Oil Futures Hit Another Settlement High For The Year

By Myra P. SaefongMarketWatch Pulse

Oil futures rallied Wednesday, with West Texas Intermediate crude prices marking their highest settlement of the year. Prices got a boost after U.S. government data showed a sixth-weekly decline in domestic oil production. On its expiration day, May WTI crude rose $1.55, or 3.8%, to settle at $42.63 a barrel on the New York Mercantile Exchange. June WTI crude , which is now the front-month contract, added $1.71, or 4%, to $44.18 a barrel.

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