- WTI is up 137c to $65.20/Bbl, and Brent is up 157c to $68.31/Bbl
- Oil breaches $65 as OPEC+ announces its intent to keep output steady in April, in contrasts with analyst's expectation of a 1-1.5 MMBbl/d hike
- Saudi Arabia will keep its 1 MMBbl/d supplementary cut in place for at least one more month
- Russia and Kazakhstan will be allowed to increase production by 130 MBbl/d and 20 MBbl/d per day, respectively (OPEC Press Release). This means the cartel will continue to withhold around 7 MMBbl/d of supply from the market
- Crude futures, options surged following OPEC+'s announcement to keep output steady
- WTI's M1-M12 spread is currently at $6.07, its highest level since September 2019
- Option markets also saw a surge in trading, with total volume reaching 254k, its highest since March 2020
- Yemen's Houthis claim attacks on Saudi military base and airport
- The attack comes only one day after the group hit an Aramco fuel depot in Jeddah (Reuters)
- Attacks by the militia group have become more frequent, though the damage has been limited. AEGIS notes if attacks persist or grow in scale, a geopolitical risk premium could return to crude prices