Oil prices settled more than 1%higher on Thursday, after a see-saw session that saw benchmarks swing in a $5 range after OPEC+ surprised markets by sticking to its plans to boost output slowly.
Brent crude futures settled up 80 cents, or 1.2%, at $69.67 a barrel after touching a low of $65.72 on the day, while U.S. West Texas Intermediate (WTI) crude futures rose 93 cents, or 1.4%, to $66.50, after dipping as low as $62.43.
The market sold off dramatically after the Organization of the Petroleum Exporting Countries and its allies known as OPEC+ issued a bit of a surprise by sticking to plans to boost output monthly by 400,000 barrels per day.
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.