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(New York = Yonhap News) Correspondent Kang Gun-taek = International oil prices surged to the maximum in two years thanks to a slight increase in production by major oil producing countries on the 4th (local time).
On the same day, the New York Commercial Exchange (NYMEX) for April delivery of Western Texas crude oil (WTI) closed at $63.83, up 4.2% ($2.55) per barrel from the previous day.
According to Dow Jones Market Data, it is the largest increase per day since April 30, 2019.
May Brent crude on the London ICE Futures Exchange is trading at $67.19 per barrel, up 4.9% ($3.12) per barrel as of 5:12pm.
Oil prices soared that the Organization of Petroleum Exporting Countries (OPEC) and’OPEC Plus’ (OPEC+), a consultative group between major non-OPEC oil producing countries such as Russia, agreed to allow only a small increase in production in April, taking into account market uncertainty.
As a result of the OPEC+ Oil Ministers’ Meeting held on the video that day, only Russia and Kazakhstan agreed to allow an appropriate level of production increase in April, while the remaining member states agreed to freeze oil production. In particular, Saudi Arabia decided to maintain voluntary production cuts of 1 million barrels in April.
International gold prices continued to weaken.
Gold for April delivery on the New York Merchandise Exchange closed at $1,700.70, down 0.9% per ounce ($15.10), barely keeping the $1,700 mark.
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2021/03/05 07:50 sent