Oil prices climbed more than 4% on Tuesday as OPEC+ was nearing a compromise to hold crude production steady in February, while tension simmered following Iran’s seizure of a South Korean vessel. Brent crude futures rose $2.15, or 4.2%, to $53.24 a barrel by 11:10 AM EST (1610 GMT). US West Texas Intermediate crude rose $2.27, or 4.8%, to $49.89 a barrel. During talks with the Organisation of the Petroleum Exporting Countries and others including Russia, Saudi Arabia offered to make voluntary cuts to its oil production in February, two OPEC+ sources said. Published in The Express Tribune, January 6th, 2021. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
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