{"id":723,"date":"2021-03-05T06:01:08","date_gmt":"2021-03-05T06:01:08","guid":{"rendered":"http:\/\/nationaltimes.pk\/eng\/?p=723"},"modified":"2021-03-05T06:01:35","modified_gmt":"2021-03-05T06:01:35","slug":"oil-prices-surge-as-opec-extends-output-cuts-into-april","status":"publish","type":"post","link":"https:\/\/nationaltimes.pk\/eng\/2021\/723\/","title":{"rendered":"Oil prices surge as OPEC+ extends output cuts into April"},"content":{"rendered":"<p>SINGAPORE (news desk) &#8211; Oil prices rose on Friday, extending gains from the previous session, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.Brent crude futures for May rose 60 cents, or 0.9%, to $67.34 a barrel at 0337 GMT, and was on track for a near 2% gain in the week.U.S. West Texas Intermediate (WTI) crude futures were up 56 cents, or 0.9%, to $64.39 per barrel.Both contracts surged more than 4% on Thursday after the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, extended oil output curbs into April, with small exemptions to Russia and Kazakhstan.\u201cIt just goes to show how much of a surprise the OPEC+ discipline is,\u201d said Michael McCarthy, chief market strategist at CMC Markets.\u201cWhat makes the gain even more impressive is that it comes against a risk-off backdrop and a higher U.S. dollar,\u201d he said.Oil prices usually fall when the dollar rises as a higher greenback makes oil more expensive for buyers with other currencies.Investors were surprised that Saudi Arabia had decided to maintain its voluntary cut of 1 million barrels per day through April even after oil prices rallied over the past two months.\u201cAn array of factors coalesced to bring the parties together, but the resultant price increase will almost certainly push the parties to change their minds when they meet again on April 1, 2021,\u201d commodity analysts at Citigroup said in a note.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE (news desk) &#8211; Oil prices rose on Friday, extending gains from the previous session, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.Brent crude futures for May rose 60 cents, or 0.9%, to $67.34 a barrel at 0337 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices surge as OPEC+ extends output cuts into April - Nation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices surge as OPEC+ extends output cuts into April - Nation\" \/>\n<meta property=\"og:description\" content=\"SINGAPORE (news desk) &#8211; Oil prices rose on Friday, extending gains from the previous session, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.Brent crude futures for May rose 60 cents, or 0.9%, to $67.34 a barrel at 0337 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/\" \/>\n<meta property=\"og:site_name\" content=\"Nation\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-05T06:01:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-05T06:01:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationaltimes.pk\/eng\/wp-content\/uploads\/2021\/03\/01-63.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"670\" \/>\n\t<meta property=\"og:image:height\" content=\"370\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"adminnation\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"adminnation\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/\",\"url\":\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/\",\"name\":\"Oil prices surge as OPEC+ extends output cuts into April - Nation\",\"isPartOf\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/nationaltimes.pk\/eng\/wp-content\/uploads\/2021\/03\/01-63.jpg\",\"datePublished\":\"2021-03-05T06:01:08+00:00\",\"dateModified\":\"2021-03-05T06:01:35+00:00\",\"author\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#\/schema\/person\/96dc24980f85ecafe26ade8fe4748f0f\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/#primaryimage\",\"url\":\"https:\/\/nationaltimes.pk\/eng\/wp-content\/uploads\/2021\/03\/01-63.jpg\",\"contentUrl\":\"https:\/\/nationaltimes.pk\/eng\/wp-content\/uploads\/2021\/03\/01-63.jpg\",\"width\":670,\"height\":370},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2021\/723\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationaltimes.pk\/eng\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices surge as OPEC+ extends output cuts into April\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#website\",\"url\":\"https:\/\/nationaltimes.pk\/eng\/\",\"name\":\"Nation\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationaltimes.pk\/eng\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#\/schema\/person\/96dc24980f85ecafe26ade8fe4748f0f\",\"name\":\"adminnation\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7f4e66ad9f5639ba3a6f846e43d55d93ee5fd5f30b5c5a10f4cd223008e8fa10?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7f4e66ad9f5639ba3a6f846e43d55d93ee5fd5f30b5c5a10f4cd223008e8fa10?s=96&d=mm&r=g\",\"caption\":\"adminnation\"},\"sameAs\":[\"https:\/\/nationaltimes.pk\/eng\/\"],\"url\":\"https:\/\/nationaltimes.pk\/eng\/author\/adminnation\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices surge as OPEC+ extends output cuts into April - Nation","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationaltimes.pk\/eng\/2021\/723\/","og_locale":"en_US","og_type":"article","og_title":"Oil prices surge as OPEC+ extends output cuts into April - Nation","og_description":"SINGAPORE (news desk) &#8211; 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