Oil futures settle higher as OPEC+ reaches a deal on output curbs starting in February

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Oil futures climbed on Tuesday, with U.S. prices settling just below $50 a barrel, but marking their highest finish since February. The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, reached a deal on output curbs starting in February, with Saudi Arabia agreeing to cut an additional 1 million barrels per day in February and March, as output quotas from Russia and Kazakhstan increase by a combined 75,000 barrels a day. “The breakthrough in relations between Russia and Saudi Arabia removes some of the downside risk to oil prices and could lead to continued strength as the global economy recovers later this year,” said Matthew Weller, global head of market research at GAIN Capital. February West Texas Intermediate crude rose $2.31, or nearly 4.9%, to settle at $49.93 a barrel on the New York Mercantile Exchange. Prices touched an intraday high of $50.20.
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