empty
 
 

2021.03.0419:13:00UTC+00Oil Futures Settle Sharply Higher As OPEC Decides To Extend Production Cuts

Crude oil prices moved up sharply on Thursday, lifted by an announcement by the Organization of the Petroleum Exporting Countries and its allies that the group would keep production steady for now.

Another positive for crude prices was Saudi Arabia's reiteration that it would continue with its production cut of one million barrels per day.

The OPEC+ was earlier expected to consider increasing crude output from April. However, with the cartel now deciding to continue with reduced output till at least April end, crude oil prices saw a steep climb this afternoon.

West Texas Intermediate Crude oil futures for April ended higher by $2.55 or about 4.2% at $63.83 a barrel, recovering well after early weakness.

Brent crude futures were up $3.10 or about 4.8% at $67.17 a barrel a little while ago.

Data released by the Energy Information Administration on Wednesday showed U.S. crude inventories were up more than 21 million barrels last week as refining plunged to a record low due to the Texas freeze that shut production.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback