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Oil Advances as OPEC+ Sees Tighter Market in First Quarter

  • Alliance to lift supply by 400,000 barrels a day in February
  • Brent settles at $80 for the first time in over a month
Updated on

Oil trekked higher as global supplies are on track to be tighter than previously expected amid easing fears over the omicron variant’s hit to global demand.

Futures in New York rose 1.2% while Brent crude settled at $80 a barrel for the first time since late November as OPEC+ stuck to its plan to lift output. Benchmark West Texas Intermediate crude reached a session high that was the strongest since November 26.