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Oil prices jumped to their highest level since the start of the pandemic after OPEC and Russia-led producers agreed to a small increase in output in January. Global benchmark Brent crude rose 2%, to $49.70 a barrel, and US benchmark West Texas Intermediate rose 2%, to $46.60 a barrel.

Oil nears $50 for the first time since the start of the pandemic after OPEC+ agrees to a gradual output increase of just 500,000 barrels a day in January

Oil prices rose on Friday, heading for a fifth week of gains, after major producers agreed to continue to restrain production to cope with coronavirus-hit demand but the compromise fell short of expectations.

Oil prices rise as producers agree on supply compromise

Oil prices have jumped 20% in the past month alone--after a historic plunge this spring.

OPEC Plus Agrees To Ramp Up Production By 500,000 Barrels Per Day Starting January, Ending Bitter Standoff In Bid To Save Oil Prices

America's struggling oil producers are the biggest beneficiaries of the Organization of Petroleum Exporting Countries (OPEC) and its non-member alliance partners' decision to limit the amount of additional barrels set to hit the market in January.

US Oil Sector Biggest Beneficiary Of Cartel's Extended Production Limits

Oil futures finished higher on Thursday, even as the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, announced that they've reached an agreement to 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.

Oil futures settle higher as OPEC+ agrees to a gradual increase in production at the start of the year

The cartel and its allies will add 500,000 barrels a day to production, starting in January.

Oil Prices Are Rising Because OPEC Deal Is ‘Not the Nightmare Scenario'

Saudi Arabia, Russia and other oil producing countries have agreed to start tentatively increasing output next month even as the coronavirus pandemic continues to cloud the outlook for demand.

OPEC and Russia agree to start pumping more oil next month

The world's major oil producers have agreed to boost their output by 500,000 barrels a day in January even as the coronavirus pandemic crimps demand, according to reports. The Organization of Petroleum Exporting Countries and its Russia-led allies — known collectively as OPEC+ — reached the deal Thursday after a disagreement over whether to walk.

OPEC, allies reportedly agree to boost oil production in January

It was obvious that the Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, would have a difficult time reaching a decision on oil production levels in the new year when the group postponed its meeting this week, but the big surprise may be that oil prices haven't plunged, even as news emerged that the producers have agreed to increase output at the start of the year.

Commodities Corner: Why the OPEC+ agreement to boost production in 2021 hasn't tanked oil prices

OPEC members and their allies reportedly reached a deal to begin easing oil production cuts next year.

OPEC+ agrees to ease coronavirus-driven oil supply cuts

The Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, have agreed to increase oil production by 500,000 barrels per day starting in January, according to The Wall Street Journal, citing people familiar with the matter. OPEC+ production cuts currently stand at 7.7 million barrels a day, but the group was due to relax the reductions to 5.8 million barrels a day at the start of 2021 through the end of April 2022.

OPEC+ agrees to boost oil production starting in January: reports

Oil prices fell Thursday as OPEC and top nonmember producers are reportedly near a deal to boost output slightly. The post Oil Prices Fall As OPEC+ Tries To Avoid 'Taper Tantrum' In Contentious Meeting appeared first on Investor's Business Daily.

Oil Prices Fall As OPEC+ Tries To Avoid 'Taper Tantrum' In Contentious Meeting

Oil futures drfit lower Thursday, ahead of a meeting of major producers that appeared to be headed toward an agreement that would allow production to rise modestly beginning early next month in a gradual relaxation of existing production curbs.

Futures Movers: Oil prices edge lower as OPEC+ decision looms on fate of production cuts

OPEC and its partners are widely expected to extend oil production cuts of 7.7 million barrels per day through to at least March 2021.

Deadlocked on oil production cuts, OPEC and its allies to resume talks

Big money is sensing a new day in the global oil markets.

Oil sees quiet bull market as hedge funds pile in

Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID-19 pandemic.

Oil drops as OPEC+ resume talks on output cut extension after impasse

Oil futures finished higher Wednesday as reports suggested that the Organization of the Petroleum Exporting Countries and their allies will announce an agreement to extend current production cuts into the new year. "High level leaks from OPEC+ talks seem to suggest that the three-month extension [for output cuts] that was in doubt is back on," said Phil Flynn, senior market analyst at The Price Futures Group.

Oil futures settle higher with OPEC+ expected to reach a deal to extend current output cuts

Oil futures trade modestly lower Wednesday as traders await a decision by the OPEC+ alliance on whether to delay the relaxation of output curbs.

Futures Movers: Oil prices drift lower as traders await OPEC+ decision on production curbs

Oil prices extended losses on Wednesday, hit by a surprise build in oil inventories in the United States and as OPEC and its allies left markets in limbo by delaying a formal meeting to decide whether to increase output in January.

Oil prices drop on U.S. stock build, delay in OPEC+ meeting

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.15 million barrels for the week ended Nov. 27, according to sources. The data also reportedly showed gasoline stockpiles up by 3.4 million barrels, while distillate inventories climbed by 334,000 barrels.

API reports a more than 4 million-barrel weekly climb in U.S. crude supplies, sources say

Oil futures fell on Tuesday, with U.S. prices settling at their lowest in just over a week as the Organization of the Petroleum Exporting Countries and their allies postponed a decision on output cuts to Thursday. Oil prices could continue to slide each day that progress is "not reached in finding a compromise to delaying the January supply hike," said Edward Moya, senior market analyst at Oanda.

Oil futures fall to lowest finish in over a week

Former Shell Oil President John Hofmeister discussed how a coronavirus vaccine could impact oil demand.

How a coronavirus vaccine will impact oil demand

Oil prices slipped early on Tuesday, after a crucial OPEC meeting over production quotas was reportedly postponed as the group struggled to reach a consensus.

Oil Prices Slip as OPEC Delays Output Meeting

Oil futures edge lower Tuesday as the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, delayed a decision on whether to extend existing output curbs until later this week.

Futures Movers: Oil edges lower as OPEC+ delays meeting in bid to build consensus on output cuts

In addition to curtailing about 20% of U. S. oil production that comes from federal leases, such a move would cause capital flight away from oil projects in the U.

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