Oil prices hit their high for the year on Wednesday as OPEC and Russia announced they would cancel their April meeting, effectively extending output cuts until their next formal meeting in June.
Meanwhile, the Canadian province of Alberta is relaxing the production cap it imposed in January in an effort to prop up Canadian oil prices.
Alberta is now increasing the limits on oil production by 25,000 barrels per day in May, and by another 25,000 barrels per day in June.
WTI closed the day at $58.93 while natural gas closed the day at $2.86.
