US oil surges 3.77 pct, posts highest close this year

U.S. oil prices closed at new 2016 highs on a smaller-than-expected U.S. crude build and speculation that major oil producers were meeting in Russia in May for another attempt at curtailing output. Moscow, however, denied media reports of such an impending meeting. Just on Sunday, Russia and OPEC nations failed to reach an agreement on freezing production at a meeting in Doha, Qatar. "There is no such agreement," Russian Energy Minister Alexander Novak was quoted as saying by RIA news agency, referring to the meeting supposedly to be held in Russia. Russia also said earlier on Wednesday that it was ready to ramp up its oil output in a further fallout among major oil producers after the freeze deal failure.