Oil prices jumped on Thursday after OPEC and its oil-producing allies said the group would keep production largely steady through April. Saudi Arabia also said that it would extend its one million barrels per day voluntary production cut into April.
The group approved the continuation of current production levels for April, except that Russia and Kazakhstan will be allowed to increase production by 130,000 and 20,000 barrels per day, respectively.
International benchmark Brent crude futures gained $2.68, or 4.15%, to trade at $66.73 per barrel, while U.SWTI crude futures advanced $2.49, or 4%, to trade at $63.78 per barrel.