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Oil prices rallied midday Thursday (3/4) on news that OPEC+ has likely decided against raising production in April, according to multiple reports.
The cartel signaled that it will extend the current caps until May 2021 at the earliest. The existing cuts prevent an additional 9.2 million barrels per day from flowing into the market.
The members cited ongoing demand uncertainty related to the COVID-19 pandemic as the reason for the extension.
Oil Rallies on News
As a result of the decision, WTI prices shot up by 5% (over $3.00) to $64.06.
Meanwhile, Brent prices enjoyed a gain of 4.6% (or $2.90).
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