Oil jumps over 5% to nearly 2-year high after OPEC+ decision

Oil prices rose on Thursday, lifted by the OPEC-Plus decision, which pushed oil to its highest levels since April 2019.

OPEC and independent producers to keep the current oil production levels until the end of April.

OPEC-Plus agreed to continue working on these production levels of March until the end of April, but Russia and Kazakhstan are allowed to lift production by 130,000 barrels and 20,000 barrels per day, respectively.

Saudi Arabia has also extended its 1 million barrels per day voluntary production cut until the end of April instead of March.

As of 17:18 GMT, WTI crude April futures rose 5.7% to $64.8 a barrel, after hitting a high of $64.8 and a low of $60.5.

Brent May futures rose 5.6% to $67.6 a barrel, after hitting a high of $67.8 and a low of $63.3.