Oil Surges After OPEC+ Agrees to Keep Oil Output Unchanged - Bloomberg

Oil Surges After OPEC+ Agrees to Keep Oil Output Unchanged - Bloomberg

Oil surged to the highest in more than a year after the OPEC+ alliance surprised traders with its decision to keep production unchanged, signaling the potential of an even tighter market next month.

Futures climbed more than 5% in New York on Thursday to the highest intraday level since January 2020, while global benchmark Brent also jumped. The OPEC+ alliance agreed to keep oil output unchanged in April and Saudi Arabia will also maintain its 1 million barrel-a-day voluntary production cut next month, according to delegates.

PRICES: West Texas Intermediate for April added $3.00 to $64.28 a barrel at 11 a.m. in New York Brent for May climbed $3.25 to $67.32 a barrel