Oil climbs after OPEC+ maintains oil output cuts, U.S. stock draw | Reuters
Oil prices extended gains on Thursday after the OPEC+ alliance of major producers stuck to a reduced output policy, and as crude stockpiles in the United States fell to their lowest levels since March last year.
Brent crude futures gained 51 cents, or 0.9%, to $58.97 a barrel, by 0741 GMT, having earlier hit their highest since Feb. 21, 2020 in the wake of the OPEC+ decision.
U.S. West Texas Intermediate (WTI) crude futures climbed 53 cents, or 1%, to $56.22 a barrel after reaching its highest settlement level in a year on Wednesday.
“Crude prices have been rising higher now that OPEC+ has convinced the energy market that they are determined in accelerating market re-balancing without delay,” said Edward Moya, senior market analyst at OANDA.
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