Brent oil price hit over $69 a barrel on Friday on the back of the decision taken by OPEC+ to roll over output cuts in April.
International benchmark Brent crude was trading at $69.37 per barrel at 1817 GMT with a 3.94% increase after closing previous session at $66.74 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $66.25 per barrel at the same time for a 3.79% increase after it ended the previous session at $63.83 a barrel.
Both benchmarks hit a new threshold with Brent reaching the highest level since Jan. 6, 2020, when it was trading $69.35 a barrel and WTI reached the highest level since April 24, 2019, when it was trading at $66.60 a barrel.
The record price rises came after the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries, known as OPEC+, announced their decision of keeping the current production level unchanged, instead of increasing it in line with rising oil prices.
The meeting also saw the extension of Saudi Arabia's voluntary cuts of 1 million barrels per day. Russia and Kazakhstan were excluded from the output cuts and allowed to increase production due to continued seasonal consumption patterns.
Experts said the decision by the OPEC+ was unexpected for the investors and highly welcomed by the markets as the OPEC+ might want to take advantage of the recent high oil prices.
A better and balanced oil market outlook prevails among the industry influencers, as demand is forecast to recover in 2021 and supply is under the control of Saudi Arabia's adamant production policy.
Predicting that global demand will increase year-on-year by 6.3 million barrels per day in 2021, global energy consultancy Wood Mackenzie forecasts a rise in crude oil prices toward $70-$75 per barrel in April boosted by the decision taken by OPEC+ to roll over output cuts in April.
By Sibel Morrow