The price of oil rose 1% on Tuesday, while Brent crude, the global benchmark, was up 91 cents.
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1% increase in the price of oil
Oil prices jumped 1% after OPEC+ focus on supply cuts overtook today’s deal Tuesday after Saudi Arabia, the world’s biggest oil exporter, said that “OPEC+ group is committed to production cuts and may take further steps to balance the market.” .
Prices trimmed gains late in the session after Bloomberg reported that the European Union watered down its latest proposal to cap prices for Russia’s oil exports by delaying full implementation and easing key shipping terms.
The conglomerate has proposed adding a 45-day transition period to work at its peak, according to Bloomberg.
Read also: OPEC+ confirms the continuation of the production cut agreement until the end of 2023
The European Union’s ban on imports of Russian crude is expected to begin Dec. 5, coinciding with a G7 plan that would allow shipping service providers to help export Russian oil, but only at low, fixed prices.
Brent crude, the global benchmark, climbed 91 cents, or 1%, to settle at $88.36 a barrel. West Texas Intermediate crude also rose 91 cents, or 1.1%, to $80.95 a barrel.
