Oil Scores Large Gains Following OPEC+ Decision

Oil prices rose on Thursday after the OPEC+ alliance opted not gradually ease output cuts, which means that no sudden disruptions will hit the market.

Recently, there have been concerns about the recovery of the global demand for oil, however, with the recent OPEC decision the gradual increase come in line with the organization’s expectations of a recovery in demand during the second half (H2) of 2021, as economies reopen and vaccine distribution ensures controlling the coronavirus pandemic.

Brent crude futures for May delivery rose by $1.93, or 3.1%, to $64.67 per barrel.

Meanwhile, the U.S. West Texas Intermediate (WTI) crude futures for May delivery finished higher by $2.29, or 3.9%, at $61.45 per barrel.