Oil prices rise as OPEC+ sticks to planned output increase

New York, U.S. | Xinhua | Oil prices climbed on Tuesday after the world’s major oil producers pledged to stick to their plan to gradually boost output next month.

The West Texas Intermediate for February delivery added 91 cents, or 1.2 percent, to settle at 76.99 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased 1.02 dollars, or 1.3 percent, to close at 80 dollars a barrel on the London ICE Futures Exchange.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, said on Tuesday after a meeting via video conference that it would stick to the plan to increase oil production by 400,000 barrels per day in February. The move was roughly in line with market expectations.

The oil alliance is unwinding record production cuts imposed in 2020, as demand and prices recover from their pandemic-induced slump.

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Xinhua