COMMODITY
Crude oil futures end higher on Wednesday
Mar-04-2021

Crude oil futures ended higher on Wednesday amid speculation the Organization of the Petroleum Exporting Countries and allies might decide to extend production curbs for the near future. The members of the organization and allies, collectively named OPEC+, are scheduled to meet on Thursday. It is now widely expected that the group may decide to maintain output curbs for a longer duration. However, data released by Energy Information Administration (EIA) showed US crude inventories increased by 21.6 million barrels in the week ended February 27, as against an expected a drop of approximately 930,000 barrels. The American Petroleum Institute (API) reported on Tuesday that US crude stocks rose by 7.4 million barrels for the week ended Feb. 26, in stark contrast to street estimate for a draw of 928,000 barrels.

Crude oil futures for April rose $1.53 or 2.62 percent to settle at $61.28 barrel on the New York Mercantile Exchange. May Brent crude surged $1.75 cents or 2.8 percent to settle at $64.45 a barrel on London's Intercontinental Exchange.

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