U.S. oil futures end slightly higher after OPEC+ stands pat on plans to boost output

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U.S. oil futures saw a slight gain on Wednesday, enough to eke out another settlement at the highest since October 2014. Prices had spent much of the session trading lower after Organization of the Petroleum Exporting Countries and their allies agreed to a 400,000 barrel-per-day production increase for March. OPEC+ still “believes the global demand recovery is underway,” said Rohan Reddy, research analyst at Global X, noting that OPEC forecasts “robust growth in world oil demand this year, despite expected interest rate hikes and the omicron variant.” Still, OPEC+ has not further increased output as some of its members failed to meet their production targets last month, and given uncertainties surrounding geopolitical tensions involving Russia and Ukraine, said Reddy. Traders also weighed data from the Energy Information Administration, which showed a weekly decline in U.S. crude supplies and a rise in gasoline stockpiles. West Texas Intermediate crude for March delivery CLH22, +0.14% rose 6 cents, or nearly 0.1%, to settle at $88.26 a barrel on the New York Mercantile Exchange.

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

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