Oil prices rise on OPEC+ decision

Oil rigs

Oil prices rose on Wednesday after the OPEC+ confirmed that it would continue with its plans to ease production restrictions and demand concerns amid rising coronavirus cases in many countries. 

International benchmark Brent crude was trading up 0.4% at $66.69 per barrel, at 9.51 am Makkah time.

WTI crude rose 0.4% to $63.17 per barrel.

Meanwhile, Goldman Sachs said it expects the biggest-ever jump in oil demand over the next six months as vaccination drives pick up in Europe.

The US-based bank expects Brent crude prices to reach $80 per barrel during Q3 2021.

The American Petroleum Institute estimates that US crude stocks rose by 4.3 million barrels in the week ending April 23.

The Energy Information Administration’s (EIA) report on US oil inventories is expected later today.