Oil rallies after OPEC+ decision to gradually increase production ...News

Russia Today - Economy
Oil rallies after OPEC+ decision to gradually increase production
source : Russia Today ( News ) () 10
The price of crude surged nearly 4% on Friday, following a decision by the Organization of the Petroleum Exporting Countries and its allied producers (OPEC+) to add more than two million barrels per day to the market by July. Benchmark Brent rose 3.38% to $64.86 a barrel, while US West Texas Intermediate (WTI) oil grew 3.87% to trade at $61.45 a barrel as of 8:40am GMT. Under Thursday’s deal, the alliance of the world’s top crude producers agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June, and a further 400,000 bpd or so in July. The cuts implemented by OPEC+ would be just above 6.5 mi

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