Oil hits two-year high above $72 on OPEC+ discipline, demand hopes
NEW YORK – Oil prices surged on Wednesday, hitting their highest in more than a year from a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.
Source: Reuters
Brent rose $1.1, or 1.6%, to settle at $71.35 a barrel. It reached $71.48 a barrel, its highest since January 2020.
U.S. West Texas Intermediate (WTI) crude rose $1.11, or 1.6%, to settle at $68.83 a barrel. It hit $69.00 during the session, its highest since October 2018.
“The oil market welcomed the OPEC+ decision to stick with its existing production plan, and in conjunction with positive global demand indications, prices are gaining further today,” said Louise Dickson, Rystad Energy oil markets analyst.
The dollar was nearly flat on Wednesday in choppy trading, after backing off of an almost five-month trough versus major peers, as traders waited for employment data later in the week to paint a clearer picture of the state of the U.S. economic recovery.
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Oil rose on Wednesday, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States. Brent rose 48 cents, or 0.7%, to $70.73 a barrel at 0856 GMT. U.S. West Texas Intermediate (WTI) crude rose .