OPEC+ has made headway toward a deal on oil-output cuts, the first sign of progress after failed talks earlier this week.
After days of direct negotiations between the group’s heavyweights — Russia, Saudi Arabia and the United Arab Emirates — details of any potential compromise still weren’t immediately clear. It was too early to say whether the progress would translate into a final deal, delegates said, asking not to be named because the talks were private.
Oil rallied on the news, rising 2.9% to $45.85 a barrel at 12:26 p.m. in New York.
The Organization of Petroleum Exporting Countries and its allies need to hash out an agreement on supply levels for next year. Under the current deal, output is due to increase by 1.9 million barrels a day from January.
