COM - Oil prices rally as OPEC+ plan to gradually raise output shows 'discipline remains'

Crude oil futures settled more than 3% higher despite today's decision by OPEC+ to gradually raise production from May through July: May WTI (CL1:COM) closed +3.9% to $61.45/bbl, and June Brent (CO1:COM) finished +3.4% to $64.86/bbl.ETFs: [[USO]], [[XLE]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]]The decision "appears to be a risky move, [but] the market is cheering nonetheless since there is a clear path through July, and today's agreement eliminates the uncertainty of month to month output calibrations that have been in place since December," Velandera Energy's Manish Raj says."While OPEC is acknowledging that the world will need more oil as the U.S. reopens, the increases they are talking about are very modest so if demand bounces back, the market will still be tight," according to Phil Flynn, senior market analyst at The Price Futures Group.Saudi energy minister bin Salman said OPEC+ will raise oil production by 350K bbl/day

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Oil prices rally as OPEC+ plan to gradually raise output shows 'discipline remains'