FXStreet reports that OPEC+ countries agreed to extend the majority of petrol production cuts through April. The surprising move came despite previous gains in the black gold. WTI Crude Oil surged above $64 and economists at ANZ Bank forecast Brent Crude Oil at $70 in the near-term.

“OPEC+ alliance surprised the market by extending production cuts at its meeting with non-OPEC producers. The ministers approved the continuation of current levels, except in the case of Russia and Kazakhstan which are allowed to increase by 130kb/d and 20kb/d respectively.”

“We are upgrading our short-term (0-3 month) target for Brent crude to $70/bbl. Investors are likely to add bullish bets, comfortable that Saudi Arabia and OPEC will provide a backstop should the market hit any hurdles.”