WTI Crude Jumps 3.5% on Friday
WTI crude futures jumped 3.5% to $61.24 a barrel on Friday morning in Asia, boosted by reports that OPEC+ has reached a deal to gradually ease output cuts from May. The cartel reportedly agreed to ease production curbs by 350,000 barrels per day in May, another 350,000 bpd in June, and a further 400,000 bpd or so in July. Prices have been recently under pressure due to concerns about extended lockdown measures in Europe, slow vaccine rollouts, and a surge in COVID-19 cases in some regions or countries, including India, Brazil, and some parts of China bordering Myanmar. Meanwhile, data from the EIA showed an unexpected draw in US crude stocks last week, while the API report released a day earlier showed a larger-than-expected build in inventories.
7 hours ago