Crude oil prices gained further on Thursday in the backdrop of the OPEC+ meeting deliberating on supply cuts. The unexpected rise in crude oil inventories in the U.S. limited gains.
Reuters quoted two OPEC+ sources to report that the group of OPEC and allies have agreed to a preliminary oil cut deal of over 1 million barrels per day. According to the report, the sources also expect the cut to include Saudi Arabia extending the voluntary cut of 1 million barrels per day plus additional contributions from other members.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.