Oil prices ended Tuesday with strong gains after OPEC + ‘s decision to continue the gradual increases in its production, confirming analysts’ estimates.
OPEC + decided to increase its production by 400,000 barrels per day in February, continuing its gradual increases to meet the return of demand after the global economy emerges from recession.
With its monthly increases, OPEC + has led back to the market about two-thirds of the production that stopped in 2020, when demand collapsed.
In that climate, February delivery was up 91 cents, or 1.2%, at $ 76.99 a barrel.
The White House welcomed OPEC + ‘s decision to continue increasing production, noting that these increases would help boost the economic recovery.
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