Published March 7, 2016 2:47pm EST | Updated March 7, 2016 3:04pm EST

Oil Futures Top $37 To Log Highest Settlement Level Of The Year

Oil futures rallied on Monday, with prices scoring their highest settlement level of the year as traders continue to bet that oil producers will freeze output. April West Texas Intermediate crude rose $1.98, or 5.5%, to settle at $37.90 a barrel on the New York Mercantile Exchange. That was the highest settlement for a most-active contract since Christmas Eve, according to FactSet Data.