Oil jumps 5% as OPEC+ agrees output rollover for April
BENGALURU: Oil rallied about 5% on Thursday as sources said OPEC and its allies have agreed to keep production unchanged into April.
Russia and Kazakhstan have been allowed modest production increases under the deal, the sources told Reuters.
Brent crude futures were up $3.06 or 4.8% at $67.13 a barrel by 11:30 a.m. ET (1630 GMT). U.S. West Texas Intermediate (WTI) crude rose about $3 or 4.7% at $64.17, having earlier scaled its highest since January 2020, at $64.51.
Saudi Arabia is considering extending its voluntary oil cuts of 1 million barrels per day by one month into April, an OPEC+ source told Reuters on Thursday.
