Crude Oil Skyrocketed to 2016 Highs

Oil prices surged to the highest levels in 2016 amidst a report suggesting that Saudi Arabia and Russia have reached an agreement on production freeze. As the market await the weekend meeting in Doha, such news helped lift hopes that the demand/supply fundamentals would tighten as big producers agree to cap outputs. The front-month WTI crude contract rose to as high as 41.73 before ending the day at 42.17, up +4.49%.