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 – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.