Oil up Over 2% as Market Buys Into OPEC Output Hike Plan By Investing.com – Investing.com

Oil up Over 2% as Market Buys Into OPEC Output Hike Plan By Investing.com – Investing.com

© Reuters.







By Barani Krishnan

Investing.com — Crude prices swung from green to red and back on Thursday before settling up more than 2% as traders bought into OPEC+'s assurances that the global oil producing alliance could manage with higher output from May, despite questionable demand.

London-traded , the global benchmark for crude, settled up $1.32, or 2.1%, at $64.86 per barrel. It reached as high as $64.95 earlier, from a session low of $62.45. 

New York-traded , the benchmark for U.S. crude, settled up $2.29, or 3.9%, at $61.45. WTI's intraday high was $61.58 versus a low of $58.88. 

Members of the 23-nation OPEC+, meeting via a two-day video hook-up, agreed to raise output by 350,000 barrels per day in May and June, and 400,000 bpd in July.

Saudi Arabia was initially reported to be considering another 250,000 barrels per day of cuts in May, and 250,000 bpd in June, to provide continued support to the market. It terminated that idea after reaching a