Oil surged on OPEC+ production cuts decision, strong US job data

International benchmarks for crude oil surged more than 3% on Friday, 5 March 2021 after the OPEC and its allies, known as OPEC+ decided to roll over the production cuts of about 7 million barrels per day in April. Besides, data showed that the US economy created more jobs in February than expected.

Brent jumped $2.63/barrel or 3.78% to $69.36/barrel.

WTI hiked $2.26/barrel or 3.54% to $66.09/barrel.