Bloomberg reported that West Texas Intermediate oil has traded near highest since the first of March and is headed for a second advance in 2 weeks. The Organization of Petroleum Exporting Countries (OPEC) will also increase shipments by 300,000 barrels/day, which totals 23.75 million barrels daily.
As quoted in the market news:
WTI for April delivery was at $93.30 a barrel, up 27 cents, in electronic trading on the New York Mercantile Exchange at 10:15 a.m. Sydney time. The volume of all futures traded was 50 percent below the 100-day average. The contract climbed 51 cents yesterday to $93.03, the highest since Feb. 25. Prices are up 1.5 percent this week and 1.6 percent this year.