OPEC Oil Deal

The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs

Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision

If there's no increase in production, then oil at $85 to $90 a barrel is on the cards, Fereidun Fesharaki, chairman of industry consultant FGE, said in a Bloomberg TV interview

India, the world's third-biggest oil importer and consumer, relies on overseas supplies for over 80% of its oil needs.

After the Opec decision, one million barrels per day of crude oil production from Saudi Arabia will remain in place at least through April.

Brent crude was up 6 cents, or 0.1%, at $51.35 a barrel at 1450 GMT, after trading as high as $52.02 earlier in the session

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.

An extension to cuts was contingent on high compliance, three Opec sources told Reuters

The meeting between Opec producers and allies was held on Sunday via videoconference in a last effort to establish a deal

The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels per day as part of a deal with Russia