As expected, the Organization of the Petroleum Exporting Countries (OPEC) and its ally, OPEC+ agreed to maintain additional production of 400,000 barrels per day in March.
The decision was made amid concerns about global oil supply constraints amid geopolitical tensions that have yet to show signs of abating.
Following the decision, crude oil prices rose sharply and touched their latest highs since October 2014.
Even so, the price of the commodity again reduced its gains to a slightly lower decline in today’s trading session.
Ahead of the opening of the European session, Brent crude futures traded higher at around $ 89 a barrel, while US WTI traded higher at $ 87.70 a barrel.
Meanwhile, the latest report from the Energy Information Administration (EIA) showed crude oil supplies fell by 1.04 million barrels last week, compared to expectations for an increase of 1.5 million barrels.
Concerns over the crisis between US -led NATO powers and Russia over Ukraine’s future have created high uncertainty in recent weeks.
If the US and its allies impose sanctions on Russia, it could result in a major disaster on the oil market.
