12/3/2021, 9:50 AM (Source: TeleTrader)
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Oil rises 3% as OPEC+ stays the output hike course

Prices of crude oil futures jumped over 3% on Friday after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to keep its 400,000-barrel-per-day output increase in place throughout January despite worries regarding the Omicron variant emergence.

Russian Deputy Prime Minister Alexander Novak asserted that the demand for crude is "gradually recovering," and described the current state of the global oil market as "balanced."

International benchmark Brent for February delivery advanced by 3.36% to $72.01 per barrel at 3:39 am ET and West Texas Intermediate for January (WTI) added 3.28% to sell for $68.68 per barrel a minute later.

Baha Breaking the News (BBN) / BU