Crude oil prices moved higher on Thursday, supported by news that the Organization of the Petroleum Exporting Countries and their allies, including Russia and Kazakhstan, have agreed to incremental increases in crude production for three months starting May.

West Texas Intermediate Crude oil futures for May ended higher by $2.29 or about 3.9% at $61.45 a barrel.

Brent crude futures were up $1.93 or 3.1% at $64.67 a barrel.

Investors were also reacting to the EIA inventory data and the announcement of U.S. President Joe Biden’s vast infrastructure plan that includes investments in roads, railways, broadband, clean energy and semiconductor manufacture.

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said in a press conference that OPEC+ will raise daily oil production by 350,000 barrels in May, 350,000 barrels in June and by 441,000 barrels in July.

Traders were also weighing the data from the U.S. Energy Information Administration that said domestic supplies of natural gas rose by 14 billion cubic feet for the week ended March 26. That compares with an average increase of 19 billion cubic feet forecast by analysts polled by S&P Global Platts.

The material has been provided by InstaForex Company – www.instaforex.com

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