WTI Settles Around $ 61.50 After OPEC + Meeting, Gains Nearly 4%

The barrel of West Texas Intermediate (WTI) It rose 3.87%, or $ 2.29, to settle at $ 61.45 on Thursday after OPEC + announced its production strategy.

After the 15th OPEC and non-OPEC Ministerial Meeting, producers reached an agreement to gradually increase oil production starting in May.

OPEC + agreed to facilitate production cuts by 350,000 barrels per day (bpd) in May and June and another 400,000 in July, paving the way for more than 1 million bpd to return to the market in the second half of the year.

Despite these decisions, producers maintained their cautious tone regarding the outlook for energy demand. Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, reiterated that the recovery in the oil market was far from complete, noting that they will continue with the flexible approach that best serves them.

Furthermore, Russian Deputy Prime Minister Alexander Novak said that the situation on the world oil market has improved, but acknowledged that there are many downside risks, especially with the growing number of coronavirus cases in Europe.

Meanwhile, data released by Baker Huges on Thursday showed the number of active oil rigs in the United States rose to 337 from 324 last week.

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