Oil futures settle at highest since mid-March on some signs of strength in demand

Oil futures climbed on Wednesday, with prices settling at their highest in about six weeks. Prices got a boost after the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, on Tuesday kept their plan to gradually raise production starting in May, implying that they expect higher demand for oil. Data from the Energy Information Administration on Wednesday, meanwhile, revealed a modest weekly rise in U.S. crude inventories, as well as a significant climb in implied demand for motor gasoline from a year ago. June West Texas Intermediate crude rose 92 cents, or 1.5%, to settle at $63.86 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since March 17, according to FactSet data.

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