Oil Hits Three-Year High After OPEC+ Sticks To Output Plan
NDTV
Brent crude oil futures hit a fresh three-year high on Tuesday, with U.S. benchmark crude close to 2014 peaks, after the OPEC+ group of producers decided to stick to its planned output rises rather pumping even more.
London: Brent crude oil futures hit a fresh three-year high on Tuesday, with U.S. benchmark crude close to 2014 peaks, after the OPEC+ group of producers decided to stick to its planned output rises rather pumping even more.
OPEC+ agreed in July to boost output by 400,000 barrels per day (bpd) each month until at least April 2022 to phase out 5.8 million bpd of existing production cuts.
Brent crude was up $1.07 or 1.3% at $82.33 a barrel by 1128 GMT, having rising 2.5% on Monday. U.S. West Texas Intermediate (WTI) oil rose 89 cents or 1.2% to $78.51, after gaining 2.3% the previous session.
Oil prices have already surged more than 50% this year, a rise that has added to inflationary pressures that crude-consuming nations such as the United States and India are concerned will derail recovery from the pandemic.
