Oil rises to 3-week high as OPEC+ agrees to deep cuts, US stockpiles fall
Oil prices rose on Wednesday to three-week highs, as OPEC+ agreed to its deepest cuts to production since the 2020 COVID pandemic, despite a tight market and opposition to cuts from the United States and others.
Prices also rose on U.S. government data that showed crude and fuel inventories fell last week. [EIA/S]
Brent crude rose $2.01, or 2.2%, to $93.81 a barrel by 11:40 a.m. EDT (1540 GMT). Brent reached a session high of $93.96 per barrel, its highest since Sept. 15.
U.S. West Texas Intermediate (WTI) crude rose $1.78, or 2.1%, to $88.30 a barrel. It reached $88.42 per barrel during the session, the highest since Sept. 15.
