Crude oil prices moved higher as the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to gradually increase oil output helped offset concerns about energy demand.

West Texas Intermediate Crude oil futures for June ended higher by $1.03 or about 1.7% at $62.94 a barrel.

Brent crude futures moved up 1.17% to settle at $66.42 a barrel today.

The OPEC and ita allies led by Russia, together known as OPEC+ today decided to stick to their plan of gradually raising oil production from May. The cartel advanced their meeting, which had been originally scheduled to take place on Wednesday.

On Monday, the OPEC+ kept its forecast for global oil demand growth for this year unchanged, projecting it to rise by 6 million barrels per day (bpd) for 2021 after the biggest ever fall of 9.5 million bpd due to the pandemic.

Traders are looking ahead to weekly inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API’s report is due later today, while EIA will release its inventory data Wednesday morning.

The material has been provided by InstaForex Company –

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