Oil prices climb as OPEC+ extends output cuts into April

Oil prices rose more than 1% on Friday, extending gains from the previous session, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.

Brent crude futures for May rose 83 cents, or 1.2%, to $67.57 a barrel at 0609 GMT, and was on track for a 2% gain in the week.

U.S. West Texas Intermediate (WTI) crude futures were up 77 cents, or 1.2%, to $64.60 per barrel.

Both contracts surged more than 4% on Thursday after the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, extended oil output curbs into April, granting small exemptions to Russia and Kazakhstan.