U.S. oil futures settle at a 2-week high ahead of OPEC+ output decision

U.S. oil futures settled at their highest in about two weeks Wednesday, ahead of Thursday’s much-anticipated OPEC+ decision on oil output. “Uncertainty has gripped the market since the group failed to accomplish a consensus,” said Robbie Fraser, manager, Global Research & Analytics, at Schneider Electric. OPEC+ had delayed its Sunday meeting to this Thursday. “The group continues to seek alignment on quota and compliance levels of smaller members, as well as possible extensions of voluntary cuts by members including Saudi Arabia and Russia,” said Fraser. OPEC+ may be considering new oil production cuts of as much as 1 million barrels a day, delegates said Wednesday, according to The Wall Street Journal. January West Texas Intermediate crude
CLF24,
+0.60%

rose $1.45, or 1.9%, to settle at $77.86 a barrel on the New York Mercantile Exchange, the highest finish since Nov. 14, according to Dow Jones Market Data.

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