Oil prices surge as OPEC+ extends output cuts into April
Oil prices rose 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 60 cents, or 0.9%, to $67.34 a barrel at 0337 GMT, and was on track for a near 2% gain in the week.
US West Texas Intermediate (WTI) crude futures were up 56 cents, or 0.9%, to $64.39 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, with small exemptions to Russia and Kazakhstan.
