Despite pressure to ramp up output, Opec+ is concerned that a fourth wave of Covid-19 cases could hit demand recovery
London — Brent crude oil futures hit a new three-year high on Tuesday, with US benchmark crude close to 2014 peaks, after the Opec+ group of producers decided to stick to its planned output rises rather pumping even more.
Brent crude was up $1.07 or 1.3% at $82.33 a barrel by 11.28am GMT, having rising 2.5% on Monday. US West Texas Intermediate oil rose 89 cents or 1.2% to $78.51, after gaining 2.3% the previous session. The Opec+ Joint Technical Committee said late in September it expected a 1.1-million bpd supply deficit in 2021, which could rise to 1.4-million bpd in 2022.
Russian Deputy Prime Minister Alexander Novak said after the talks he believed the market was now balanced.
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