Oil ends higher on report OPEC+ could rethink production increases

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Oil futures ended higher Monday after a news report said the Organization of the Petroleum Exporting Countries and its allies may not stick to a plan to continue slowly boosting production in a possible response to the Biden administration’s efforts to organize a coordinated release of crude from reserves of major oil-consuming nations. West Texas Intermediate crude for January delivery CL00, -0.73% CLF22, -0.73% rose 81 cents, or 1.1%, to close at $76.75 a barrel on the New York Mercantile Exchange. Bloomberg reported that OPEC+ members were poised to rethink their timetable for raising output, which has proceeded in monthly increments of 400,000 barrels a day, if there is a release from strategic reserves. Bloomberg also reported that President Joe Biden could announce an SPR release as early as Tuesday.

This article was originally published by Marketwatch.com. Read the original article here.

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