Oil gains as supply concerns loom after OPEC+ output plan | Reuters
Crude prices settled higher on Friday fuelled by renewed supply concerns after OPEC+ producers rebuffed a U.S. call to accelerate output increases even as demand nears pre-pandemic levels.
Brent crude rose $2.20 to settle at $82.74 per barrel, while U.S. West Texas Intermediate crude (WTI) gained $2.46 to $81.27.
The Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day from December. U.S. President Joe Biden had called for extra output to cool rising prices. read more
OPEC's decision to stay the course and the Biden administration's lack of a substantial response has the oil rally continuing, said Bob Yawger, director of energy futures at Mizuho.
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