Oil prices jump 4% on OPEC+ output talks

Oil prices climbed more than 4% on Tuesday as OPEC+ was nearing a compromise to hold crude production steady in February, while tension simmered following Iran’s seizure of a South Korean vessel.

Brent crude futures rose $2.15, or 4.2%, to $53.24 a barrel by 11:10 AM EST (1610 GMT). US West Texas Intermediate crude rose $2.27, or 4.8%, to $49.89 a barrel.

During talks with the Organisation of the Petroleum Exporting Countries and others including Russia, Saudi Arabia offered to make voluntary cuts to its oil production in February, two OPEC+ sources said.

Published in The Express Tribune, January 6^th, 2021.

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