Oil surges $2 after OPEC+ extends output cuts
LONDON: Oil prices jumped more than 3% on Friday, hitting their highest levels in over a year after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.
Brent crude futures were up $2.23, or 3.3%, at $68.97 a barrel by 1441 GMT – a nearly 14-month high.
US West Texas Intermediate (WTI) crude futures climbed $2, or 3.1%, to $65.83 – the highest since April 2019.
Both contracts surged more than 4% on Thursday after the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, extended oil output curbs into April, granting small exemptions to Russia and Kazakhstan.
