Fuelled by the decision of the Organization of Petroleum Exporting Countries (OPEC) and its Opep+ allies, oil is gaining up to 5%.

Oil prices appreciated sharply thanks to the decision of the Organization of Petroleum Exporting Countries (OPEC) and its Opep+ allies to increase production only marginally.

North Sea Brent crude oil for delivery in May rose 4.17% in London compared to the close of the day before, to 66.74 dollars. During the day, it reached 67.75 dollars, an increase of more than 5%

The US barrel of WTI for April rose 4.16% to 63.83 dollars, after touching 64.86 dollars in trading, its highest since January 2020.

Ann-Louise Hittle of Wood Mackenzie notes that “Opp+ took the market by surprise by deciding to renew its quotas and saying that it preferred to wait for the recovery to take place rather than anticipate it.”