Oil Jumps After OPEC+ Surprises Market With Unchanged Output
- Saudi Arabia extends 1 million barrel-a-day voluntary cuts
- U.S. benchmark crude surges to highest since April 2019
Photographer: Simon Dawson/Bloomberg
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Oil surged to the highest in nearly two years after the OPEC+ alliance surprised traders with its decision to keep output unchanged, signaling a tighter crude market in the months ahead.
Futures in New York climbed 4.2%, rising the most since Saudi Arabia last shocked markets with its January pledge to unilaterally cut output. Global benchmark Brent also jumped on Thursday. The OPEC+ producer alliance agreed during a virtual gathering to hold output steady in April. Saudi Arabia said it is in no hurry to bring back supply and will maintain its 1 million barrel-a-day voluntary production cut.