Oil prices jump after OPEC+ meeting
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E-mail Xinhua, April 2, 2021
NEW YORK, April 1 (Xinhua) -- Oil prices surged on Thursday after major producers announced their production policy.
The West Texas Intermediate for May delivery added 2.29 U.S. dollars to settle at 61.45 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 2.12 dollars to close at 64.86 dollars a barrel on the London ICE Futures Exchange.
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Thursday agreed to gradually lift output starting in May.
The group is cautiously restoring production that was slashed last year to support prices as fuel demand subdued amid the pandemic.
U.S. markets will be closed on Friday due to the Good Friday holiday.
For the week, U.S. crude futures climbed 0.8 percent and Brent crude gained 0.7 percent, based on the front-month contracts. Enditem
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