Oil futures finish higher as OPEC+ emphasizes commitment to reach full output-cut compliance

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Oil futures finished higher on Thursday after the Organization of the Petroleum Exporting Countries and its allies emphasized their commitment to reach full compliance with pledged output cuts during a joint committee meeting. “Feeling OPEC+ has their back, market participants hiked oil prices, with boosted confidence that if things do not get better, OPEC+ might step in to the rescue,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. Meanwhile, the Bureau of Safety and Environmental Enforcement reported more cuts to oil production in the Gulf of Mexico due to Hurricane Sally, which made landfall on the Gulf Coast early Wednesday. About 30.69% of the region’s oil output, and 24.73% of natural-gas output, was shut in as of Thursday. On Wednesday, the BSEE had reported shut ins of 27.48% for oil and 29.7% for natural gas. October West Texas Intermediate oil rose 81 cents, or 2%, to settle at $40.97 a barrel on the New York Mercantile Exchange.
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