Oil futures end higher, with U.S. prices at their highest since 2018 after OPEC+ decision

Oil futures climbed on Tuesday, with U.S. prices settling at their highest in over two and a half years after the Organization of the Petroleum Exporting Countries and their allies agreed to continue with their plan to gradually increase production through July. “Given the importance of secure energy for the global post-COVID recovery, we find the OPEC decision supportive of energy sector price levels, investment and returns,” said Arnim Holzer, macro and correlation defense strategist with EAB Investment Group. West Texas Intermediate oil for July delivery climbed by $1.40, or 2.1%, to settle at $67.72 a barrel on the New York Mercantile Exchange. Front-month contract prices ended at their highest since October 2018, FactSet data show.

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