EnergyWatch

Oil advances toward USD 50 after OPEC+ clinches compromise deal

Oil trading nears USD 50 per barrel after OPEC+ reached a compromise deal. The deal came after a tense split between Saudi Arabia and the United Arab Emirates.

Photo: Bloomberg/Bloomberg

Oil extended gains toward USD 50 a barrel after OPEC+ reached a compromise deal to gradually taper production cuts, ending days of uncertainty after cracks emerged in the alliance earlier in the week.

Futures surged 1.8 precent in London after closing at the highest level in nine months on Thursday. The group will start adding 500,000 barrels a day of crude to the market in January, with ministers holding monthly meetings to decide on the next steps. The deal avoided a breakdown of OPEC+ unity after a tense split between Saudi Arabia and the United Arab Emirates.

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