Oil futures gave nearly all of its gains in Thursday dealings. The Organization of the Petroleum Exporting Countries and their allies have reached a preliminary agreement to gradually ease production cuts from May. The group of producers, known as OPEC+, remain in closed-door discussions. Reuters said two sources had earlier told the news agency that OPEC+ was considering raising production by 350,000 barrels per day in May, 350,000 barrels per day in June and 400,000 barrels per day in July.
May West Texas Intermediate crude CLK21, +3.52% was up 14 cents, or 0.222 percent, at $59.30 a barrel on the New York Mercantile Exchange after tapping an intraday high of $60.84. June Brent crude BRNM21, -0.32% was flat at $62.74 a barrel on ICE Futures Europe