Oil prices rise on tighter supply outlook

Brent crude futures for May settled at US$87.48 a barrel, US West Texas Intermediate (WTI) crude futures for May delivery settled at US$83.17 a barrel, rising US$1.82, or 2.2%.

NEW YORK: Oil prices jumped more than US$1 a barrel on Thursday, closing out the month higher on the prospect of Opec+ staying the course on production cuts, ongoing attacks on Russia's energy infrastructure and a falling US rig count tightening crude supplies.

Brent crude futures for May settled at US$87.48 a barrel, its highest level since Oct. 27, after gaining US$1.39, or 1.6%. The more actively traded June contract settled at US$87 a barrel, rising US$1.58, with the May contract expiring on Thursday.