Oil futures settle at their highest levels of the year

Oil futures rallied Thursday, with West Texas Intermediate and Brent crude settling at their highest levels of the year as traders fretted over potential supply disruptions in the Middle East and as weak data from China raised prospects for economic stimulus.

June Brent crude LCOM5, -0.46%  on London’s ICE Futures exchange advanced $2.12, or 3.4%, to settle at $64.85 a barrel. That was the highest settlement of the year for a front-month Brent contract.

On the New York Mercantile Exchange, June crude CLM5, -0.59%  rose $1.58, or 2.8%, to end at $57.74 a barrel, which was the highest settlement for front-month contract since December.

Back on Nymex, futures prices for gasoline saw the largest gains following a bigger-than-expected decline in weekly U.S. supplies of the fuel. May gasoline RBK5, -0.09% tacked on 7.1 cents, or 3.7%, to $1.996 a gallon. May heating oil HOK5, -0.29%  added 5.3 cents, or 2.8%, to end at $1.924 a gallon.

May natural gas declined by 7.5 cents, or 2.9%, to $2.531 per million British thermal units.

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