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Crude Oil Surges To 3-Month High

Sunil Fernandes

Crude oil prices rose on Wednesday, as production cuts being maintained and opening-up of lockdown across the globe, pushed prices higher

Brent crude rallied to a 3-month high of $37.16 per barrel, the highest since March, 2020.

All of the benchmark crude, have seen a sharp rally in the last one week, in line with the global stock markets.

According to a Reuters report, the Organization of the Petroleum Exporting Countries and others including Russia may extend production cuts of 9.7 million barrels per day (bpd), or about 10% of global output, into July or August.

The OPEC meeting is scheduled to be held later on Thursday and markets will await to see, if there will be production cuts.

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