Oil prices trade near session highs on reports that OPEC+ has reached a deal on output

/ / News

Oil futures traded near Tuesday’s session highs following reports that the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, reached a compromise on production curbs. OPEC+ will maintain output levels through February, delaying any increase until March, The Wall Street Journal reported, citing officials familiar with negotiations. Saudi Arabia, meanwhile, will carry a greater burden of the oil-output cuts, as Russia and Kazakhstan are allowed to boost production in February by a combined 75,000 barrels a day, Bloomberg reported, citing comments from delegates. February West Texas Intermediate crude rose $2.01, or 4.2%, to trade at $49.63 a barrel on the New York Mercantile Exchange. Prices touched an intraday high of $50.05 for the first time since February, finding additional support from increase in tensions in the Middle East, tied to Iran.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.