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Oil Closes Higher Despite OPEC+ Move

M. Ali 4 December, 2020 1:12 am Commodities, Market Update

Oil prices rose on Thursday, despite media reports about an agreement within the OPEC+ alliance to raise production starting from January.

OPEC+ is set to hold monthly meetings starting January to assess market conditions and decide on further production adjustments for the following month.

Brent crude futures for February delivery gained 46 cents, or 1%, to close at $48.71 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery added 36 cents, or 0.8%, to finish at $45.64 per barrel.

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