Oil prices drop as OPEC+ sticks to gradual output increase

0 Comment(s)Print E-mail Xinhua, November 5, 2021
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Gas prices are displayed on a gas pump at a gas station in Toronto, Canada, on Oct. 16, 2021. [Photo/Xinhua]

Oil prices fell on Thursday after the world's major oil producers decided to continue with their current plan for moderate increases in output.

The West Texas Intermediate for December delivery shed 2.05 U.S. dollars, or 2.5 percent, to settle at 78.81 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery decreased 1.45 dollars, or 1.8 percent, to close at 80.54 dollars a barrel on the London ICE Futures Exchange.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Thursday reaffirmed the decision "to adjust upward the monthly overall production by 0.4 million barrels per day (mbd) for the month of December 2021."

The decision by the largest oil producers is seen by analysts as a rebuff to the United States, which has been urging them to pump more to curb oil prices.

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