Oil Futures Hit Another Settlement High For The Year

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.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below