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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added 28 cents to $85.43 on the New York Merc, while Brent for June added 43 cents to $89.35 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.00 to WTI, up from a discount of $16.20. Natural gas for May lost two cents to $1.84. The TSX energy index added 4.33 points to close at 296.20.

Oil prices climbed to a five-month high. At a closely watched meeting today, a committee of OPEC+ ministers kept the group's production-cutting pact unchanged, adding that it continues to monitor the market and stands with "readiness to take additional measures at any time." Separately, the analysts at BofA Global Research hiked their 2024 oil price forecasts, predicting that WTI will average $81 (U.S.) and Brent will average $86 (U.S.) (up from $75 (U.S.) and $80 (U.S.)). The analysts added that Brent could climb as high as $95 (U.S.) over the summer. Over all, bullish headlines offset bearish data from the U.S. Department of Energy, which reported that domestic crude inventories swelled by 3.2 million barrels last week. Analysts were expecting a drop of 1.2 million barrels.

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