Oil Updates – crude gains after OPEC+ maintains output cuts, but heads for weekly losses

SINGAPORE: Oil prices rose in early trade on Friday following a decision by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to keep its oil output policy unchanged, according to Reuters.

Benchmarks were headed for weekly losses though amid unsubstantiated reports of a ceasefire between Israel and Hamas.

Brent crude futures climbed 37 cents, or 0.5 percent, to $79.07 a barrel at 7:15 a.m. Saudi time, while US West Texas Intermediate crude futures gained 30 cents, or 0.4 percent, to $74.12 a barrel.

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