Oil prices surged beyond $75 on Thursday as the Organisation of Petroleum Exporting Countries and its allies reached a tentative agreement to add limited supplies to the market in the coming months.
Bloomberg reported that oil futures in New York rose by 3.7 per cent to its highest same day level in three years as negotiations between OPEC+ and the leaders, Saudi Arabia and Russia, were ongoing. Senior energy trader at CIBC Private Wealth, Rebecca Babin, was quoted as saying, “OPEC is looking like it is going to keep some restraint, and to me, the market is in a fantastic place. People are very comfortable and constructive with the profile over the next year.
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