Oil rallied more than 5% on Thursday to the highest in over a year, after OPEC and its allies agreed to keep production unchanged into April. Brent crude futures were up $3.38 or 5.28 pct at $67.45 a barrel by 12:43 p.m. ET (1743 GMT), after rising to $67.75, a peak since January 2020.

U.S. West Texas Intermediate (WTI) crude rose about $3.3 or 5.4% at $64.58, having also scaled its highest in more than a year, at $64.86.

“OPEC surprised us by rolling over the cuts… The message OPEC is sending market is that they’re quite willing to see oil prices run hot and ultimately, go a long way in reducing the inventory overhang built last year because of COVID-19,” said Bart Melek, head of commodity strategies at TD Securities.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman confirmed that the top crude exporter was extending its voluntary 1 million barrel per day (bpd) production cut and would in coming months choose when to gradually phase out this reduction.

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Source: SweetCrudeReports