3/5, 8:49 AM (Source: TeleTrader)
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Crude hits 23-month high as OPEC opts to keep supply steady

The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) surprised expectations by deciding not to go for a production increase as oil markets started to recover at a faster pace, driving crude prices up by more than 1% on Friday.

On the contrary, Saudi Arabia is allegedly set to extend its voluntary output cuts of 1 million barrels per day for another month. Saudi Energy Minister Prince Abdulaziz bin Salman noted the cartel elected to follow a "careful and proactive approach" as uncertainty surrounding the oil markets' recovery persists.

International benchmark Brent for May delivery strengthened 1.74% at 2:33 am ET to go for $67.90 per barrel, trading at its highest level since January 2020. Two minutes later, West Texas Intermediate (WTI) for settlements in April advanced 1.60%, selling at $64.85 per barrel to hit a 23-month high.

Breaking the News / GA