Oil prices climb as OPEC+ sticks to planned output hike

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.