Crude oil market rose higher as OPEC+ rolled over output cuts for April

International benchmarks for crude oil jumped higher on Thursday, 4 March 2021 after OPEC+ agreed to roll over production cuts of about 7 million barrels per day in April citing the uncertain recovery road for the oil market. 

Brent closed at $66.74/barrel, gained $2.67/barrel or 4.0%.

WTI closed at $63.83/barrel, gained $2.55/barrel or 3.99%. 

The group allowed Russia to raise output by 130,000 barrels per day in April and Kazakhstan by another 20,000 barrels per day.

Meanwhile, Saudi Arabia decided to extend its voluntary production cut of 1 million barrels per day in the near term. The country has yet to decide on the exit strategy at the moment.