OPEC and Russia 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.
OPEC+ had been expected to continue existing cuts until at least March, after backing down from plans to raise output by 2 million bpd. It is set to reduce production by 7.2 million bpd, or 7 percent of global demand from January, compared with current cuts of 7.7 million bpd.
Brent crude oil futures rose to just under $50 a barrel last week 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 53 cents at $49.24 a barrel after hitting its highest since early March at $49.92. West Texas Intermediate rose 47 cents to $46.11 a barrel. Both benchmarks are set for a fifth straight week of gains.
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