02:43 PM EDT, 04/04/2024 (MT Newswires) -- West Texas Intermediate (WTI) crude oil rose to the highest levels in more than five months on Thursday, as OPEC+ kept its production quotas unchanged at a Wednesday meeting.

WTI crude oil for May delivery closed up US$1.16 to settle at US$86.59 per barrel, rising sharply in the final hour of trading to the highest since late October. June Brent crude, the global benchmark, was last seen up US$0.87 to US$90.22.

The fifth-straight rising sessions, comes after OPEC+ staged a meeting of its Joint Ministerial Monitoring Committee that ended, as expected, without changes to its 2.2-million barrels per day of voluntary cuts that are set to continue until the end of June. The cuts have supported prices, which stand near the highest since late October.

"Oil prices retain a positive bias and it would have been a woeful performance from those that gathered at the OPEC JMMC if any intimation of increased supply from members had been uttered. As it stands, the market seems to accept the ill-discipline from Iraq and Russia as to quota adherence will eventually be sorted out, and instead concentrated on how current cuts will roll on through June," PVM Oil Associates noted.

"EIA stock data saw a surprise crude build being offset by lower fuel stocks," Saxo Bank noted.