Oil prices settle higher after OPEC+ agrees to incremental increases in output
Oil futures settled higher on Thursday, after the Organization of the Petroleum Exporting Countries and their allies agreed to incremental increases in production from May through July. The OPEC+ decision “appears to be a risky move amidst the uncertainty in oil demand,” said Manish Raj, chief financial officer at Velandera Energy. “The market is cheering, nonetheless, since there is a clear path through July, and today’s agreement eliminates the uncertainty of month to month output calibrations that have been in place since December.” West Texas Intermediate crude for May delivery
CLK21,
rose $2.29, or 3.9%, to settle at $61.45 a barrel on the New York Mercantile Exchange.
