Oil futures ended higher on Tuesday after the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, held their meeting a day earlier than scheduled and decided to keep their plan to gradually raise production starting in May. OPEC+ is “holding firm to its decision to increase supply, gradually and carefully, over the coming months,” said Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie. “The move comes as the group tries to balance risks — including the possibility of reduced demand from India as it struggles to control a devastating wave of COVID-19 infections” with signs of demand recovery elsewhere, she said. June West Texas Intermediate crude rose $1.03, or 1.7%, to settle at $62.94 a barrel on the New York Mercantile Exchange.
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