Oil futures rallied on Monday, posting their highest settlements of the year, on hopes that major producers will curtail supply and amid hopes of improving demand.
April West Texas Intermediate crude climbed by $1.98, or 5.5%, to settle at $37.90 a barrel on the New York Mercantile Exchange, according to Bloomberg MarketWatch.
Crude oil has been on the rise since hitting 13-year lows in February, with prices topping $37 a barrel after approaching $26 just a few weeks ago. Crude oil prices are still half of where they were last summer.
May Brent crude, the global oil benchmark, rose $2.12, or 5.5%, to $40.84 a barrel on London’s ICE Futures exchange, with prices also logging the highest settlement since early December. Brent is up more than 7% so far this year.
April natural gas added 2.4 cents, or 1.4%, to $1.69 per million British thermal units. Last week, natural gas futures hit their lowest levels in 17 years.
