Crude prices increase as OPEC+ continues to reduce output

Following OPEC+ members’ decision to extend its voluntary oil output cutbacks of 2.2 million barrels per day into the second quarter, which was mostly expected by the market, oil prices increased on Monday.

U.S. West Texas Intermediate (WTI) was up 20 cents, or 0.3%, to $80.17 a barrel, while Brent futures was up 28 cents, or 0.3%, at $83.83 a barrel.

The market is anticipated to be cushioned by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) output cuts amidst concerns about the global economy and rising output outside the organization; nonetheless, several analysts were taken aback by Russia’s declaration.

In accordance with some OPEC+ members, Russia will reduce its oil production and exports by an additional 471,000 barrels per day (bpd) in the second quarter, the country’s announced on Sunday.

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