U.S. oil futures end at highest since 2019 as OPEC+ agrees to keep production cuts in place
Oil futures ended higher on Thursday, with U.S. prices at their highest since April 2019, FactSet data show. The Organization of the Petroleum Exporting Countries and its allies decided to keep its production cuts in place through April at its meeting Thursday. Saudi Arabia also agreed to keep its own unilateral output cut of 1 million barrels per day to the end of April, but Russia and Kazakhstan are allowed to modestly lift production, with OPEC+ citing seasonal needs. “Clearly, OPEC+ has decided to take a cautious approach on the demand recovery,” said Ann-Louise Hittle, vice president of macro oils at Wood Mackenzie. “However, waiting for a solid sign of strong stock draws means prices will have already increased from the present level by the time that sign emerges.” April West Texas Intermediate crude clj21 rose $2.55, or 4.2%, to settle at $63.83 a barrel.
