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Oil traded near a four-month high in London, swinging between gains and losses as Iraq said it raised output to a record in March while U.S. production fell.

General Electric Co. could become one of the top players in the oil services and equipment industry if it decides to bid for Baker Hughes Inc.

Oil surged above $40 a barrel in New York for the first time since December as central banks from the United States to Norway signaled they will continue to provide economic stimulus to support demand.

Oil prices will average just over $40 a barrel this year due to subdued demand and the likelihood a tentative agreement by leading producers to freeze output will do little to drain a supply glut, a Reuters poll showed Feb. 29.

New infrastructure projects capable of withstanding severe weather events would be funded through a new tax on oil companies, according to the Obama White House’s fiscal 2017 budget request unveiled Feb. 9.

Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house.

A proposal by the Obama administration to get oil companies to pay a $10-per-barrel fee on oil is unlikely to get Republican support in Congress, transportation budget expert Jack Basso told Transport Topics.

President Barack Obama will propose a $10-per-barrel tax on oil in his fiscal 2017 budget to finance self-driving cars, public transit, railroads and other transportation improvements, the White House said.

Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year.

Mike Bertelsen, the Dickinson, North Dakota, terminal superintendent of regional Black Hills Trucking, said his branch of the company has felt the winds of change like many others in the region.