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Oil Prices Advance to Highest Levels This Year

Oil prices rose to their highest level this year on Wednesday in Asia despite news that Russia fell short of its oil-output cut target for last month.

Russian Energy Minister Alexander Novak had previously said April would be the first month that Moscow achieved full compliance with the output deal.

U.S. Crude Oil WTI Futures rose 0.4% to $62.85 by 1:50 AM ET (05:50 GMT), while international Brent Oil Futures gained 0.6% to $69.77.

On Tuesday, WTI closed above its key 200-day moving average, a closely watched technical level.

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