Global crude oil rose 5% on Friday last week (May 5), hitting a 3-month high, with WTI futures trading above $39 a barrel and Brent crude above $42 a barrel. The development came as OPEC+ reached a tentative deal with Iraq on compliance with quotas for production cuts. The parties are set to meet on Saturday to ratify the deal, Bloomberg reported. The agreement will extend OPEC+ record 9.7 million barrels per day reduction until the end of July. Also, a better-than-expected payroll report for the US raised hopes of a faster recovery for oil demand. Nymex’s crude oil rose 4.17% to US$38.97 per barrel.
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