Oil futures end higher for the session, gain for the week after OPEC+ decision on output

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Oil futures rose on Friday, 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 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.
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