Oil Rises After OPEC+ Rebuffs US Call to Boost Output

LONDON—Oil prices rose above $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis. Brent crude rose 52 cents, or 0.65 percent, to $81.06 a barrel by 1200 GMT. U.S. West Texas Intermediate crude gained 64 cents, or 0.81 percent, to $79.45 after rising as high as $80.17. The OPEC+ group of major producers agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day (bpd) from December, ignoring calls from U.S. President Joe Biden for extra output to cool rising prices. Top OPEC producer Saudi Arabia dismissed calls for speedier increases from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, citing economic headwinds. The group has been …

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By Kelly Sanchez

All you guys are warned: Be aware of Granma!

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