Oil gains as supply concerns re-emerge after OPEC+ output plan
Crude prices rose more than 2% on Friday on renewed supply concerns after OPEC+ producers rebuffed a U.S. call to accelerate output increases even as demand nears pre-pandemic levels.
Brent crude was up $2.14, or 2.7%, at $82.68 per barrel by 1:01 a.m. EDT (1701 GMT). West Texas Intermediate crude (WTI) gained $2.47, or 3% to $81.28.
The Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day (bpd) from December. U.S. President Joe Biden had called for extra output to cool rising prices.
