Oil hits over 1-year high on OPEC+ supply discipline, demand prospects | Reuters
Oil prices surged on Wednesday, hitting the highest in more than a year on lift from a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.
Brent rose $1.1, or 1.6%, to settle at $71.35 a barrel. It reached $71.48 a barrel, its highest since January 2020.
U.S. West Texas Intermediate (WTI) crude rose $1.11, or 1.6%, to settle at $68.83 a barrel. It hit $69.00 a barrel during the session, the highest since October 2018.
"The oil market welcomed the OPEC+ decision to stick with its existing production plan, and in conjunction with positive global demand indications, prices are gaining further today," said Louise Dickson, Rystad Energy oil markets analyst.
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