Crude eases after jump to highest levels in years
Tokyo — Oil prices eased on Tuesday after climbing to their highest levels in years in the previous session on the decision by oil cartel Opec and allied oil producers to maintain restraint on supply.
Opec and its allies including Russia, collectively known as Opec+, said on Monday it would maintain an agreement to increase oil production only gradually, ignoring calls from the US and India to boost output as the world economy recovers, if patchily, from the coronavirus pandemic. The decision by Opec+ reflects “a lack of urgency within the group to ramp up output on expected surplus next year and limited capacity with key producers”, Barclays analyst Amarpreet Singh said in a note.
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