Oil extends gains on OPEC+ supply restraint

Oil extends gains on OPEC+ supply restraint
  • Clock-gray 08:16
  • calendar-gray 05 March 2021

Oil prices rose early on Friday, adding to big gains overnight after OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures climbed 17 cents, or 0.3%, to $64.00 at 0128 GMT, holding below a 13-month high hit on Thursday.

Brent crude rose 10 cents, or 0.2%, to $66.84 a barrel, but down from a high of $67.75 hit on Thursday.

Both contracts soared 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. 

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