Oil prices rose thanks to the “OPEC +” plan

Follow-up -INA

Oil prices rose, today, Wednesday, after OPEC+ and its allies agreed to commit to a cautious return to oil supplies to the market in June and July, with expectations of a strong recovery in demand in the United States and China, the largest oil consumers in the world.
US West Texas Intermediate crude rose 18 cents, or 0.27 percent, to $ 67.90 by 06:24 GMT, extending gains after a 2.1 percent increase the day after the holiday in the United States was on Monday. 
Prices hit their highest level since October 2018.
Brent crude futures rose 22 cents, or 0.31 percent, to $70.47 a barrel, adding to a 1.3 percent rise overnight, when it hit its highest level since March 8. 
On Tuesday, “OPEC +” agreed to maintain the current plan to gradually ease restrictions on oil production until the end of July.

The statements of Saudi Energy Minister Prince Abdulaziz bin Salman after the meeting supported the market, as he said that he notes a strong recovery of demand in the United States and China, and that the pace of the vaccination campaign will only lead to more balance in the global oil market.