- WTI rallies nearly 4% on Thursday after the OPEC+ meeting.
- OPEC+ agreed to a gradual oil output increase in May and June.
- OPEC+ dour outlook on the global oil demand limits the gains.
WTI (futures on NYMEX) experienced a volatile week before the oil output policy decision from OPEC and its allies (OPEC+) revived the optimism.
The OPEC+ reached an agreement to gradually ease the production cuts, by increasing output by 350,000 barrels per day (bpd) in May, 350,000 bpd in June and 400,000 bpd in July.
The black gold rallied as much as 4% on Thursday, in a positive response to the OPEC+ outcome. The sell-off in the US dollar, driven by the tumbling Treasury yields, also collaborated with the upbeat momentum in the dollar-denominated oil.
However, the US oil settled the week at $61.30, higher by only 1%, as the new wave of the coronavirus and fresh lockdowns worldwide cast a dark cloud on the global economic recovery.
Further, the OPEC+ downward revision to the global oil demand forecast for this year by 300,000 bpd also limited the upside in the WTI barrel. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said the market's recovery was "far from complete."
Meanwhile, the number of active oil rigs in the US rose to 337 from 324 last week, which could have contributed to the pullback in the commodity.
WTI technical levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

AUD/USD holds lower ground near 0.6350 after downbeat Aussie jobs data
AUD/USD is holding lower ground near 0.6350 in Asian trading on Thursday. The downbeat Australian jobs data fans RBA rate cut bets, maintaining the downward pressure on the pair. US-China trade tensions and US Dollar recovery act as a headwind for the pair.

USD/JPY fades the rebound to 142.85 amid US-Japan trade optimism
USD/JPY fades the impressive rebound from seven-month lows of 141.61, falling back toward 142.00 in the Asian session on Thursday. The pair tracks the US Dollar price action, fuelled by contrstructive trade talks between the US and Japan. A tepid risk recovery supports the pair.

Gold price pauses its record run; profit-taking on the cards?
Gold price has paused its record run to near the $3,360 region early Thursday as buyers digest this week’s tariff play by US President Donald Trump heading into a light Holy Friday.

RAY sees double-digit gains as Raydium unveils new Pumpfun competitor
RAY surged 10% on Wednesday as Raydium revealed its new meme coin launchpad, LaunchLab, a potential competitor to Pump.fun — which also recently unveiled its decentralized exchange (DEX) PumpSwap.

Future-proofing portfolios: A playbook for tariff and recession risks
It does seem like we will be talking tariffs for a while. And if tariffs stay — in some shape or form — even after negotiations, we’ll likely be talking about recession too. Higher input costs, persistent inflation, and tighter monetary policy are already weighing on global growth.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.