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Oil increases on hopes for delay to OPEC+ supply gain

Published by

March 29, 2025 5:53 AM
(GMT+2)

Oil prices firmed on Wednesday as hopes that producer group OPEC and its allies will delay a planned increase in oil output to offset a larger than anticipated build in US crude inventories.Brent crude futures increased 53 cents, or 1.2%, to $44.28 a barrel by 1046 GMT, while US West Texas Intermediate crude increased 44 cents, or 1.1%, to $41.87.Us corporations Pfizer and Moderna have raised hopes of containing the coronavirus pandemic with reports of high success rates for the coronavirus vaccines.To battle weaker energy demand as the pandemic continues its second wave, Saudi Arabia has called on fellow members of the OPEC+ group – compromising the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia-to be flexible in responding to oil market requirements.

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