Oil prices surged more than 1% on Friday amid growing signs of a tightening market ahead of an imminent decision by the Organization of Petroleum Exporting Countries and allies (OPEC+) on production cuts. The rise in crude oil futures was driven by anticipation surrounding OPEC's decision, with both West Texas Intermediate (WTI) and Brent crude seeing gains.
The WTI contract for April increased by $1.51, or 1.93%, reaching $79.77 a barrel, while May Brent futures added $1.40, or 1.71%, climbing to $83.31 a barrel. This upward movement marked the second consecutive monthly gain for both U.S. crude and the global benchmark, with front month contracts trading at a premium to later months -- a typical indication of a tightening oil market.
