U.S. Oil Benchmark Ends Above $40 a Barrel As Crude Extends Rally

Oil futures rallied for a second day Thursday, pushing the U.S. benchmark to its highest close in more than three months as investors focused on hopes for output reductions as well as a continued slide by the U.S. dollar a day after the Federal Reserve offered a less aggressive forecast of future rate increases. West Texas Intermediate crude oil for April delivery rose $1.75, or 4.5%, to end at $40.20 a barrel_the highest finish since Dec. 3.