Oil gains 1% as OPEC+ opts for modest output hike
Prices of oil futures went up by 1% on Friday as the investors digested messages from the Organization of the Petroleum Exporting Countries and its allies’ (OPEC+) meeting.
Despite calls from the United States to increase production, OPEC+ ruled to maintain its current policy and boost the output by 400,000 barrels per day.
West Texas Intermediate (WTI) for settlements in December 2021 rose 1.09% to sell for $79.67 per barrel at 6:29 am ET, while Brent for deliveries in January 2022 was up 0.61%, going for $81.03 per barrel a minute later.
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