On April 4, according to the Wall Street Journal, after OPEC+ announced a joint production cut, oil prices closed up 6.3% on Monday, the largest one-day gain since the Russia-Ukraine conflict.
Continued gains in crude oil prices from current levels will depend on a number of factors.
These factors include the extent to which producers actually implement production cuts, strong supply from mid-sized producers, demand from big consuming countries and the recent turmoil in the US and European banking sectors.
Natasha Kaneva, head of commodities research at JPMorgan Chase & Co., said that given the latest data showing that some oil-producing countries are producing less than OPEC quotas allow, this means that reducing quotas will not necessarily lead to lower production.