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Oil Prices Soar to Near 14-month High as OPEC+ Extends Output Cuts
Both Brent and WTI contracts surged more than 4% on March 5 after OPEC and allies, together called OPEC+, extended oil output cuts into April, granting small exemptions to Russia and Kazakhstan.
OPEC+ Debates Whether to Raise Oil Output as Price Recovers
The market has been expecting the OPEC+ group of producers to ease supply cuts but sources say some key members had suggested that oil output across the OPEC+ group should be kept unchanged.
Oil Prices Jump More Than $1 as US Output Slow to Restart
Morgan Stanley expects Brent crude prices to climb to $70/bbl in the third quarter on “signs of a much improved market” including prospects of a pick-up in demand.