Crude oil charged to its highest level since early November on Thursday, before pulling back slightly, as traders looked past the current glut to signs of a stronger market in the coming months. Benchmark ICE June Brent futures climbed as much as 0.7 per cent to peak at $46.13 on Thursday, for a gain of more than 6 per cent so far this week. Nymex May West Texas Intermediate, the US crude benchmark, climbed as much as 1.2 per cent to a high of $44.48, before easing back to $44.16 in London morning trade. Crude was below $30 as recently as January. The sharp gains reflect sturdy global demand and falling output in producers such as the US, where shale energy companies have curtailed drilling in the face of low prices. In what some view as a bullish tell-tale, June Brent is selling for more than the contract for delivery in July, suggesting a clamour for immediate supply. But the force of the rally surprised observers as it came just three days after leading exporters including Saudi Arabia and Russia failed to agree to freeze production volumes at a meeting in Doha, Qatar.