Fuelled by the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies, oil is gaining up to 5%.

Oil prices have risen sharply thanks to the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies to increase production only marginally.

The barrel of North Sea Brent for delivery in May climbed 4.17% in London from the previous day's close to $66.74. It reached in the day the 67.75 dollars, an increase of more than 5%.

The U.S. barrel of WTI for April gained 4.16% to $63.83, after touching $64.86 in session, its highest since January 2020.

Ann-Louise Hittle of Wood Mackenzie notes that " OPEC+ took the market by surprise by deciding to renew its quotas and indicating that it preferred to wait for the recovery to take place rather than anticipate it."