Oil hits 3-month high

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TOKYO- Oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic.

Brent crude was up 22 cents, or 0.6 percent, at $39.7, the highest since March 6, having gained 3.3 percent on Tuesday.

US West Texas Intermediate crude (WTI) gained 33 cents, or 0.9 percent, at $37.14, also the highest since March 6. The contract ended the previous session up 3.9 percent.

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