Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Purchase Licensing Rights, opens new tab
April 4 (Reuters) - Oil prices extended gains, settling up more than $1 on Thursday as geopolitical tensions and output cuts outweighed caution about U.S. Federal Reserve rate cuts.
Brent futures for June settled up $1.30, or 1.5%, to $90.65 a barrel while U.S. West Texas Intermediate (WTI) futures for May settled up $1.16, or 1.4% to $86.59 a barrel.
Both contracts closed on Thursday at their highest levels since October, having received support in recent days from the heightened geopolitical tensions and potential supply risks.
