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Oil prices climb as OPEC+ sticks to planned output hike

Xinhua | Updated: 2021-12-03 09:13
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Gas prices over $5.00 per gallon are displayed at a Shell station on Nov 17, 2021 in Hercules, California. [Photo/Agencies]

NEW YORK - Oil prices rose on Thursday after major oil producers decided to stick to a planned production hike.

The West Texas Intermediate for January delivery added 93 cents to settle at $66.50 a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 80 cents to close at 69.67 dollars a barrel on the London ICE Futures Exchange.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Thursday pledged to stick to the current plan to increase oil production by 400,000 barrels per day next month.

The alliance also said in a statement that "the meeting shall remain in session pending further developments of the pandemic and continue to monitor the market closely and make immediate adjustments if required."

OPEC+ is gradually easing record output cuts made last year.

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