Brent and WTI crude: Oil prices hit 2016 high above $42

 
Jessica Morris
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Oil prices have surged 50 per cent since freeze talks were first floated (Source: Getty)

Oil rose above $42 per barrel today, helped by growing optimism that producers could agree a production freeze deal and a weak dollar.

Brent crude, the global benchmark, rose 1.64 per cent to $42.22 per barrel, having touched a 2016 high of $42.31 earlier in the day.

West Texas Intermediate crude, the US benchmark, added 1.8 per cent to $40.91 per barrel.

Traders are betting Saudi Arabia and Russia will be able to bring more producers in on a production freeze at a meeting in April.

Opec and non-Opec producers are due to meet in the Qatar capital Doha on 17 April, to try and thrash out the first global supply deal in 15 years.

Analysts also told Reuters that the weak greenback was also providing support, with the dollar index down 3.2 per cent so far this month.

Oil prices have jumped more than 50 per cent from 12-year lows since Opec first floated the idea of a production freeze earlier this year.

US oil is on course for a fifth week of gains, while Brent is set to clock its fourth weekly increase.

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