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Oil Rallies Above $75 With OPEC+ Output Deal Left in Limbo

  • Group earlier signaled tentative deal to hike output gradually
  • WTI-Brent spread narrows to smallest gap in eight months
Bloomberg business news
WATCH: The OPEC+ meeting is set to resume on Friday after talks broke down when the UAE blocked a deal to loosen crude supplies. (Source: Bloomberg)
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Oil advanced, closing above $75 a barrel for the first time since 2018, with an OPEC+ deal left in limbo after producers earlier signaled a tentative agreement to only gradually increase supplies through the end of the year.

Futures in New York jumped 2.4% on Thursday, the biggest gain in more than a week. Talks among the OPEC+ alliance ended Thursday with no final agreement on production policy, with the United Arab Emirates raising a last-minute objection to the deal. However, the group earlier appeared to have an agreement in principle to boost output by 400,000 barrels a day each month from August to December. Ministers will reconvene on Friday.