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4/1, 8:06 PM (Source: TeleTrader)
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Oil rises 4% as OPEC+ agrees to ease cuts

Prices of crude jumped by 4% on Thursday after the ministers of OPEC+ members voted to ease the oil output cuts during the following three months. The OPEC+ members will decrease the production limitations by 350,000 barrels per day in May and June, and by 450,000 in July.

Despite the fact that production cut relaxations usually drag the crude prices down, Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman hinted that the increase could be attributed to the fact that the output limitations will remain in place through April.

May's West Texas Intermediate (WTI) jumped 4.02% to go for $61.54 per barrel at 1:55 pm ET, while Brent for settlements in June grew by 3.44% to $64.91 per barrel a minute later.

Breaking the News / BU