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Oil Rises After OPEC+ Agrees to Gradual Monthly Output Increases

  • Group will add about 2 million barrels a day over three months
  • WTI futures surge above $61 a barrel in choppy trading session
Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.
Photographer: Andrey Rudakov/Bloomberg
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Oil climbed the most in nearly a week with the OPEC+ alliance’s deal to gradually increase supply affirming expectations that demand will continue to grow.

Futures rose 3.9% in New York after a choppy trading session. The Organization of Petroleum Exporting Countries and its allies agreed Thursday to add more than 2 million barrels a day to the market from May to July, which includes a phased rollback of Saudi Arabia’s previous 1 million barrel-a-day cut over the next three months.