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Dec. 2, 2021, 2:42 p.m. EST

Oil futures settle higher after OPEC+ decides to keep gradual production increase for January

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By Myra P. Saefong

Oil futures settled with a gain on Thursday after the Organization of the Petroleum Exporting Countries and their allies agreed to leave their current deal to boost monthly output by 400,000 barrels per day in place for January. The group of producers, which is known as OPEC+, also left the door open for any adjustments to production, depending on new developments in the market. January West Texas Intermediate crude rose 93 cents, or 1.4%, to settle at $66.50 a barrel on the New York Mercantile Exchange, after trading as low as $62.43.

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