Oil futures end higher as OPEC+ keeps its plan to slowly raise output

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.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.