Oil Rises After OPEC+ Rebuffs US Call to Boost Output

Oil Rises After OPEC+ Rebuffs US Call to Boost Output
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Okla., on April 21, 2020. Drone Base/Reuters
Reuters
Updated:

LONDON—Oil prices rose above $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis.

Brent crude rose 52 cents, or 0.65 percent, to $81.06 a barrel by 1200 GMT. U.S. West Texas Intermediate crude gained 64 cents, or 0.81 percent, to $79.45 after rising as high as $80.17.