Oil futures recorded new peaks for 2016 as optimism escalated major producers would agree on capping production.
US crude CLc1 closed at $40.15 per barrel, down 5 cents. It previously climbed to $40.55, its highest this year. Brent LCOc1 ended at $41.36, down 18 cents. It earlier touched $41.60, its peak this year.
Since the Organization of the Petroleum Exporting Countries broached the possibility of freezing output, crude prices have rallied more than 50^ from 12-year peaks.
US oil is on course for a fifth week of advances, its longest increasing streak in around 12 months. Brent is poised to reach its fourth weekly gains, its longest in about a year.
The material has been provided by InstaForex Company – www.instaforex.com