Saudi Arabia decided to prolong voluntary output cut through April. WTI remains on track to post strong weekly gains. Goldman Sachs and JP Morgan hiked Brent oil price forecasts. Crude oil prices rose sharply following the 14th OPEC and non-OPEC Ministerial Meeting on Thursday with the barrel of West Texas Intermediate (WTI) gaining nearly 5% on a daily basis. WTI preserved its bullish momentum on Friday and touched its highest level since January 2020 at $65.53. As of writing, WTI was up 2% on the day at $65.33 and was gaining 6.2% on a weekly basis. OPEC+ output strategy boosts oil prices OPEC+ producers announced on Thursday that they have decided to keep the oil output unchanged with Saudi Arabia extended its voluntary cut of 1 million barrels per day through April. During the press conference, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman adopted a cautious tone and said that the uncertainty around the oil market recovery has not receded yet. Following this development, Goldman Sachs said it raised its predictions for Brent oil for the second and third quarters by $5 to $75 and $80, respectively. Additionally, JP Morgan announced it hiked the 2022 price forecast to $74. Currently, Brent oil is trading at $68.68, rising 2.4% on the day. Later in the session, Baker Hughes Energy Services will release its weekly US Rig Count data, which is unlikely to trigger a significant market reaction. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Silver Price Analysis: XAG/USD recovers from multi-week lows, bearish potential intact FX Street 1 year Saudi Arabia decided to prolong voluntary output cut through April. WTI remains on track to post strong weekly gains. Goldman Sachs and JP Morgan hiked Brent oil price forecasts. Crude oil prices rose sharply following the 14th OPEC and non-OPEC Ministerial Meeting on Thursday with the barrel of West Texas Intermediate (WTI) gaining nearly 5% on a daily basis. WTI preserved its bullish momentum on Friday and touched its highest level since January 2020 at $65.53. As of writing, WTI was up 2% on the day at $65.33 and was gaining 6.2% on a weekly basis. OPEC+ output strategy boosts… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.