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Oil rallies toward USD 65 with Saudi supply gamble reverberating

With OPEC+ deciding not to ease its supply curbs, even as the global economy is on the mend, the oil price soars toward USD 65 per barrel.

Photo: Jonathan Nackstrand/AFP/Ritzau Scanpix

Oil headed toward USD 65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.

The surprise decision spurred a wave of crude price forecast upgrades by major banks. The producer alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut. West Texas Intermediate rose a further 1 percent in Asian trading after surging by more than 4 percent to the highest close since April 2019 on Thursday.

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