Oil Closes at Highest Level in a Year

Oil prices rose on Wednesday, recording a fresh highest level in a year, supported by the decline in the United States crude inventories, as well as the commitment of major producers to output cuts and the prospects of increased stimulus spending in the U.S.

Brent crude futures for April delivery closed higher by $1, or 1.7%, at the level of $58.46 per barrel.

This is the highest closing level for the global benchmark crude most active contracts since February 2020.

Meanwhile, the West Texas Intermediate (WTI) crude futures for March delivery gained 93 cents, or 1.7%, and finished at $55.69 per barrel, the highest level for the U.S. benchmark crude futures since January of last year.

This is the second consecutive session for crude prices to close at their highest level in a year.