KONTAN.CO.ID - LONDON. Brent crude oil futures rose to just under $50 a barrel on Friday as major producers agreed on a compromise to increase output slightly from January but continue the bulk of existing supply curbs to cope with coronavirus-hit demand. Brent was up 27 cents at $48.98 a barrel by 1434 GMT after hitting its highest since early March at $49.92. West Texas Intermediate rose 14 cents to $45.78 a barrel. Both benchmarks are set for a fifth straight week of gains. OPEC and Russia on Thursday agreed to ease deep oil output cuts from January by 500,000 barrels per day with further as yet undefined increases on a monthly basis, failing to reach a compromise on a broader policy for the rest of 2021.
Oil moves up towards $50/bbl after OPEC+ supply compromise
KONTAN.CO.ID - LONDON. Brent crude oil futures rose to just under $50 a barrel on Friday as major producers agreed on a compromise to increase output slightly from January but continue the bulk of existing supply curbs to cope with coronavirus-hit demand. Brent was up 27 cents at $48.98 a barrel by 1434 GMT after hitting its highest since early March at $49.92. West Texas Intermediate rose 14 cents to $45.78 a barrel. Both benchmarks are set for a fifth straight week of gains. OPEC and Russia on Thursday agreed to ease deep oil output cuts from January by 500,000 barrels per day with further as yet undefined increases on a monthly basis, failing to reach a compromise on a broader policy for the rest of 2021.