4/1, 5:48 PM (Source: TeleTrader)
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OPEC+ to gradually ease cuts over next 3 months - report

Ministers of OPEC+ members voted during their Joint Ministerial Monitoring Committee (JMMC) on Thursday to ease oil output cuts by 350,000 barrels per day in May and June and by 450,000 in July, Energy Intelligence's chief OPEC correspondent Amena Bakr reported.

Saudi Arabia will also ease its previous voluntary cuts of 1 million barrels per day by 250,000 in May, 350,000 in June and 400,000 in July.

The oil prices slid slightly from their intraday peak after the announcement of output increases. West Texas Intermediate (WTI) gained 0.67% to sell for $59.85 per barrel at 12:04 pm ET, while Brent grew by 0.32% to $63.27 per barrel.

Breaking the News / LH