Oil prices up as Opec+ agrees ad hoc supply cuts from 2021
Opec+ has agreed to ease deep oil output cuts from January by 500,000 bpd with further, undefined, increases on a monthly basis
04 December 2020 - 13:05
London — Brent crude oil futures rose to just under $50 a barrel on Friday as major producers agreed on a compromise to increase output slightly from January but continue the bulk of existing supply curbs to cope with coronavirus-hit demand.
Brent was up 53c at $49.24 a barrel by 10.34am GMT after hitting its highest since early March at $49.92. West Texas Intermediate (WTI) rose 47c to $46.11 a barrel. Both benchmarks are set for a fifth straight week of gains...
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