The U.S. oil futures benchmark closed above $40 a barrel for the first time in 2016, a day after the Federal Reserve dialed back its expectations for rate increases and major oil producers set a meeting date to discuss a supply freeze.
On the New York Mercantile Exchange, West Texas Intermediate crude futures for April delivery jumped $1.74, or 4.5%, to settle at $40.20 a barrel–the highest close for a contract since December 3.
May Brent crude, the global benchmark, rose $1.21 or 3%, to finish at $41.54 on London’s ICE Futures exchange–the highest finish since December 4.
April natural gas futures rose 6.8 cents, or 3.6%, to $1.936 per million British thermal units. Natural gas initially weakened after the Energy Information Administration said inventories had fallen by just 1 billion cubic feet last week.
