Oil Finishes at Week-High Following Surprise OPEC+ Meeting

Oil prices rose on Tuesday to close at their highest level in about a week, following a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to extend its production policy.

In an early meeting, held ahead of schedule, which surprised the market, the OPEC+ alliance maintained its current plan to gradually ease output curbs.

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) was originally set to take place on Wednesday.

Brent crude futures for June delivery rose by 77 cents, or 1.2%, to close at $66.42 per barrel.

This is the highest closing level for the global benchmark most active contract since April 20.

Meanwhile, the West Texas Intermediate (WTI) crude futures for June delivery increased by $1.03, or 1.7%, to close at $62.94 per barrel, rising to its highest level since April 19.