Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike
- Group will add 500,000 barrels a day of output in January
- Key spreads for WTI and Brent move further into backwardation
Oil pumping jacks, also known as "nodding donkeys"in a Rosneft Oil Co. oilfield near Sokolovka village, in the Udmurt Republic, Russia, on Friday, Nov. 20, 2020.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Global crude surged to the highest since early March after OPEC+ agreed on a compromise deal to gradually ease output curbs beginning early next year.
Brent futures, the benchmark for most of the world’s oil, climbed 1% in London after delegates reached an agreement for the cartel to add 500,000 barrels a day to the market in January. Ministers will now hold monthly consultations to determine how to adjust production in subsequent months, the delegate said, asking not to be named because the information was private.