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Oil Rises as OPEC+ Leaves Door Open for Quick Change of Plans

  • Market expected the group to pause the output increase
  • WTI recovered after earlier dropping as much as 4.8%
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OPEC+ Should've Paused Output Hikes, Amrita Sen Says
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Oil edged higher after OPEC and its partners left themselves room to quickly adjust output plans if the pandemic drastically changes the market.

West Texas Intermediate closed up 1.4% after a volatile trading session on Thursday. Futures recovered from their morning plunge of 4.8% after the producer group said it was keeping its meeting open to adjust plans on short notice if necessary. It’s an unusual step that underscores the uncertain outlook amid a resurgent pandemic.