Prices of oil soared on Wednesday to recover some losses recorded earlier this month with West Texas Intermediate (WTI) jumping over 15% on OPEC+ output cuts optimism.
Russian Energy Minister Alexander Novak stressed that the country’s oil companies are expected to trim its oil production by as much as 19% to comply with the OPEC+ deal. Meanwhile, the American Petroleum Institute’s data showed lower-than-expected growth in the United States oil inventories in the week ending April 24.
WTI for June delivery climbed 15.07% to sell for $14.20 per barrel at 3:57 am ET, while Brent for the same month’s settlement went up by 3.91%, trading for $21.26 per barrel a minute later.