04.03.202119:13:00UTC+00Oil Futures Settle Sharply Higher As OPEC Decides To Extend Production Cuts

Crude oil prices moved up sharply on Thursday, lifted by an announcement by the Organization of the Petroleum Exporting Countries and its allies that the group would keep production steady for now.

Another positive for crude prices was Saudi Arabia's reiteration that it would continue with its production cut of one million barrels per day.

The OPEC+ was earlier expected to consider increasing crude output from April. However, with the cartel now deciding to continue with reduced output till at least April end, crude oil prices saw a steep climb this afternoon.

West Texas Intermediate Crude oil futures for April ended higher by $2.55 or about 4.2% at $63.83 a barrel, recovering well after early weakness.

Brent crude futures were up $3.10 or about 4.8% at $67.17 a barrel a little while ago.

Data released by the Energy Information Administration on Wednesday showed U.S. crude inventories were up more than 21 million barrels last week as refining plunged to a record low due to the Texas freeze that shut production.