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Crude Oil Futures Settle Sharply Higher

Crude Oil Futures Settle Sharply Higher WASHINGTON (dpa-AFX) - Crude oil prices moved higher as the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to gradually increase oil output helped offset concerns about energy demand. West Texas Intermediate Crude oil futures for June ended higher by $1.03 or about 1.7% at $62.94 a barrel. Brent crude futures moved up 1.17% to settle at $66.42 a barrel today. The OPEC and ita allies led by Russia, together known as OPEC+ today decided to stick to their plan of gradually raising oil production from May. The cartel advanced their meeting, which had been originally scheduled to take place on Wednesday.

Is May a good month for buying Crude Oil?

OPEC could allow boosting oil output slightly from May 1 If the price falls below $60 support, the next target could be around $58 The crude oil price is advancing this Tuesday after the news that OPEC could allow boosting oil output slightly from May 1. The price of crude oil continues to trade above the $60 support level, but rising Covid-19 cases and new restrictive measures in some parts of the world could significantly reduce oil demand. Fundamental analysis: OPEC could allow boosting oil output despite the situation in India The crude oil price is advancing after the news that OPEC could allow boosting oil output slightly from May 1. This suggests that OPEC expects a stronger oil demand recovery in the second half of this year.

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