Oil Holds Advance as Traders Wait for Next OPEC+ Move on Supply
- US benchmark WTI trades near the highest level since November
- Saudi Arabia expected to extend output cuts along with Russia
Oil traded near the highest level since mid-November after a surge driven by supply cuts from OPEC+ that have tightened the market.
West Texas Intermediate held above $85 a barrel in early Asian trading, 0.3% higher than Friday’s close. There was no settlement for the US crude benchmark on Monday due to a holiday, and trades will be booked Tuesday.
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Oil Holds Advance as Traders Wait for Next OPEC+ Move on Supply