An OPEC+ committee on Wednesday recommended no changes in crude production, news reports said, with members awaiting a clearer outlook for the market as China fully reopens from COVID-19 curbs and more rounds of sanctions on Russian crude and oil products take effect. The Organization of the Petroleum Exporting Countries and its Russia-led allies in December locked in a 2 million barrel-a-day cut that it had initially agreed in October. Oil futures were higher, with West Texas Intermediate crude for March delivery
CL00,
uyp 50 cents, or 0.6%, at $79.37 a barrel on the New York Mercantile Exchange. April Brent crude
BRN00,
the global benchmark, was up 28 cents, or 0.3%, at $85.74 a barrel on ICE Futures Europe.
