(Bloomberg) OPEC+ left oil consumers in limbo, sticking to its plan of monthly production increases until July but refusing to give any hints about further moves until there’s clear evidence more crude is needed.
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Oil rose on Wednesday, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States. Brent rose 48 cents, or 0.7%, to $70.73 a barrel at 0856 GMT. U.S. West Texas Intermediate (WTI) crude rose .
Oil extended gains after closing at the highest since October 2018 as OPEC+ provided an upbeat assessment of the demand outlook and the prospect of a speed.