US oil rose at the largest daily pace since last April 12, when the trading session was settled on Monday, the third of April, supported by the sudden OPEC + decision to cut production.
Countries in the OPEC + group, led by Russia and Saudi Arabia, announced a voluntary reduction in production, starting from next May until the end of 2023.
The group justified this decision as a precautionary measure against market fluctuations.
Upon settlement, US crude futures rose by 6.28%, or $4.75, to $80.42 a barrel.
Brent crude futures rose by $5.04, or 6.31%, to reach $84.03 a barrel.
A number of international organizations and banks raised their expectations for the price of oil after that step.
While the decision faced criticism from America, amid statements by a spokesman for the US National Security Council that the OPEC + cuts are illogical at this time, given the uncertainty in the market.
The International Energy Agency also criticized the decision, noting that it comes during a period of high uncertainty about global oil markets, and concerns about the outlook for the global economy.
