Oil Hits All Time High in 2016 at Over $43 Per Barrel

Oil price at the international market jumped above $42 a barrel on Friday, March 18, hitting its highest in 2016 and extending a rally into a fourth week on the possibility of a production freeze by major exporters.

Brent crude’s front-month contract LCOc1 was up at $42.44 a barrel while U.S. crude CLc1 gained 84 cents to $41.04 a barrel after rising as high as $41.13.

The benchmark had soared by 4.5 per cent to close the previous session at $40.20.

Oil prices have surged by more than 50 per cent from 12-year lows reached in December.

The rise came about as the Organization of Petroleum Exporting Countries (OPEC) floated the idea of a production freeze, boosting brent from about $27 and U.S. crude from around $26.