Oil extends gains after OPEC+ agrees to slash crude output
Oil prices stabilised near three-week highs on Thursday after OPEC+ agreed to further tighten global crude supply with a deal to slash production by about 2 million barrels per day, the largest reduction since 2020.
Brent crude futures for December settlement edged up 4 cents to $93.41 per barrel by 0538 GMT after settling 1.7 per cent higher in the previous session.
US West Texas Intermediate (WTI) crude futures for November delivery gained 2 cents to $87.78 per barrel, building on a 1.4 per cent rise on Tuesday.
The agreement between the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, comes ahead of a European Union embargo on Russian oil and would squeeze supplies in an already tight market, adding to inflation.
