Oil prices rose on Friday, reaching their highest levels since 2019, supported by the extension of the OPEC+ output cuts.<\/p>\n\n\n\n
The Organization of the Petroleum Exporting Countries (OPEC) and its partners, forming an alliance known as OPEC+, agreed on Thursday to extend most crude oil production cuts until the end of next month.<\/p>\n\n\n\n
While Russia and Kazakhstan were allowed limited eases in output curbs, of 130,000 barrels per day (b\/d) and 20,000 b\/d, respectively, Saudi Arabia has vowed to continue its voluntary production cut of one million barrels a day, but the kingdom is set to gradually phase out the cuts in the near future.<\/p>\n\n\n\n
Producers agreed that despite crude prices recently returning to their levels prior to the Coronavirus pandemic, the market remains fragile.<\/p>\n\n\n\n
Brent crude futures for May delivery gained $2.62, or 3.9%, to close at $69.36 per barrel, its highest finishing level since May 2019.<\/p>\n\n\n\n
For the week, the global benchmark crude most active contract gained 7.7%.<\/p>\n\n\n\n
Meanwhile, the West Texas Intermediate (WTI) crude futures for April delivery added $2.26, or 3.5%, to finish at $66.09 per barrel, rising by 7.5% for the week.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Friday, reaching their highest levels since 2019, supported by the extension of the OPEC+ output cuts. The Organization of the Petroleum Exporting Countries (OPEC) and its partners, forming an alliance known as OPEC+, agreed on Thursday to extend most crude oil production cuts until the end of next month. While Russia …<\/p>\n","protected":false},"author":10,"featured_media":31014,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-42552","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/42552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=42552"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/42552\/revisions"}],"predecessor-version":[{"id":42553,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/42552\/revisions\/42553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31014"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=42552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=42552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=42552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}