Oil Prices Surge as OPEC+ Extends Production Cuts
With oil reaching five-month highs, analysts anticipate continued market tightness and high prices into the second quarter.
- OPEC+ confirms maintaining production cuts through June, driving oil prices toward five-month highs.
- Brent crude approaches $90 a barrel, with West Texas Intermediate near $86, following over 2% growth in previous sessions.
- Analysts predict high oil prices to persist into Q2 due to tight supply/demand dynamics and geopolitical concerns.
- Iraq and Russia's compliance with OPEC+ quotas remains uncertain, potentially impacting future production levels.
- Oil prices surged in Q1, with significant gains for major oil and gas producers and speculative investors showing increased interest.
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