Oil prices rose on Friday as the world’s largest oil producers agreed to extend the current production cuts for another month.
International benchmark Brent crude was trading at $67.61 per barrel at 0643 GMT for a 1.30% increase after closing Thursday at $66.74 a barrel.
American benchmark West Texas Intermediate (WTI) was at $64.62 per barrel at the same time for a 1.55% increase after it ended the previous session at $63.63 a barrel.
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.
While Saudi Energy Minister bin Salman highlighted cautiousness, Alexander Novak, the Russian deputy prime minister, said they were laying the foundations for growth this year and in the future.
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.
Further price increases were capped by the rising value of the US dollar, as high rates make US dollar-indexed crude more expensive for buyers.
The US dollar index, which measures the value of the American dollar against a basket of currencies, including the Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, rose 0.08% to 91.70.
By Sibel Morrow