Oil gained despite OPEC+ agreed to increase output in May

International benchmarks for crude oil moved higher on Thursday, 1 April 2021 even after OPEC+ agreed to gradually increase production output in May by 350,000 bpd, by another 350,000 bpd in June, and further 400,000 bpd in July. Under the new agreement, total oil output cuts from the group would be just above the 6.5 million bpd.

The market is eyeing stronger manufacturing data from China and a new stimulus package from the USA. 

Brent settled at $63.60/barrel, up 6 cents, or 0.09%.

WTI jumped to $61.45/barrel, up $2.29, or 3.73%.