Oil futures end higher for the session, gain for the week after OPEC+ decision on output
Oil futures rose on Friday (http://www.marketwatch.com/story/oil-pushes-toward-50-a-barrel-after-opec-deal-to-slowly-taper-production-cuts-11607087559), contributing to a gain for the week. Prices found support after the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, said Thursday that they will pare current production cuts (http://www.marketwatch.com/story/why-the-opec-agreement-to-boost-production-in-2021-hasnt-tanked-oil-prices-11607019341) of 7.7 million barrels per day to 7.2 million barrels per day beginning in January. That essentially raises their collective production by 500,000 barrels a day, but the increase is "far less aggressive than initially discussed," said David Madden, market analyst at CMC Markets UK. Before the latest agreement, OPEC+ was scheduled to taper output cuts to 5.8 million barrels a day, which would have lifted production by 1.9 million barrels per day. January West Texas Intermediate crude rose 62 cents, or 1.4%, to settle at $46.26 a barrel on the New York Mercantile Exchange. For the week, prices based on the front month added 1.6%, according to FactSet data.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 04, 2020 14:41 ET (19:41 GMT)
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