Oil Prices Rise to Highest Level in Six Weeks

Oil prices rose on Wednesday, maintaining an upward trend to settle at their highest level in about a month and a half, supported by the recent OPEC+ decision to gradually phase out output cuts.

Brent crude futures for June delivery gained 85 cents, or 1.3%, to close at $67.27 per barrel

The global benchmark July futures rose by 91 cents, or 1.4%, at finish at $66.78 a barrel.

This is the highest closing level for Brent’s contracts since March 17.

Meanwhile, the U.S. West Texas Intermediate (WTI) June futures increased by 92 cents, or 1.5%, to close at $63.86 per barrel.