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Market Monitors OPEC+ Policy, Prices Rise

Crude oil futures rose on Wednesday, keeping their upward process going after an OPEC+ committee meeting ended without recommending changes to production policy.

The West Texas Intermediate contract for May delivery gained 72 cents, or 0.85%, to $85.87 U.S. a barrel. The Brent contract for June delivery added 77 cents, or 0.87%, to $89.69 U.S.

Some members of the Organization of the Petroleum Exporting Countries and its allies led by Russia, called OPEC+, are voluntarily cutting 2.2 million barrels per day of production through at least the second quarter.

The Joint Ministerial Monitoring Committee concluded a meeting Wednesday without recommending changes to OPEC+ current production policy, according to two delegates. The committee can only make recommendations for OPEC+ to consider at a formal meeting.

U.S. crude and the global benchmark have rallied about 20% and 16% this year as improving economic growth expectations should push the oil market into a 450,000 barrel per day deficit in the second and third quarters, according to Bank of America.