Oil Rises On Hopes Of Better Economy

Oil prices climbed on Wednesday after the Organisation for Economic Co-operation and Development (OECD) forecasted a global economic recovery, though gains were capped by rising U.S. inventories.

Prices also gained support from the decision by the OPEC+ producer group to largely maintain production cuts in April.

Brent crude rose 34 cents, or 0.5 percent, to $67.86 a barrel by 14:10 WAT and U.S. West Texas Intermediate crude rose 51 cents, or 0.8 percent, to $64.52.

READ MORE: Crude Oil Spikes Above $70 Per Barrel For The First Time In 14 Months

In its interim economic outlook, the OECD stated that the global economy is set for a 5.6 percent rebound from its pandemic-induced collapse, raising the bar from its previous forecast of 4.2 percent this year.

Saudi Foreign Minister Prince Faisal bin Farhan Al Saud on Wednesday that Saudi Arabia and Russia were keen on fair oil prices and will continue their cooperation in the framework of the OPEC+ group.

As part of a deal by OPEC+, Saudi Arabia has pledged to cut production voluntarily by 1 million barrels per day (BPD) in February and March, but oil exports from the kingdom - as monitored by two companies - suggest a smaller decline in February.