As the Organisation of the Petroleum Exporting Countries (OPEC) continued their decision to curb production, oil prices rose on Wednesday.
Reuters reports that Brent crude rose by 34 cents to $67.86 a barrel and United State West Texas Intermediate (WTI) rose by 51 cents to $64.52. Experts attribute this growth partly to the decision by OPEC to largely maintain production cuts in April at the March 4 meeting.
Saudi Arabia in the meeting agreed to maintain its voluntary 1 million barrels per day (bpd) cut in production. Russia and Saudi Arabia were also keen for fair oil prices and the Saudi Foreign Minister, Prince Faisal bin Farhan Al Saud, has said that they will continue to cooperate with Russia to achieve this goal.
Reuters reports that analysts said oil prices remained under pressure from factors including top importers China and India drawing crude from storage at current high prices and expectations of a return of Iranian supplies.
According to the Organisation for Economic and Cooperation and Development (OECD) forecast, the global economy is set to rebound with 5.6 per cent growth this year and expand by 4 per cent next year.