Oil Near Three-Week High on Cuts to OPEC+ Output Targets

Yang Mei Hu oil products tanker owned by COSCO Shipping gets moored at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on June 13, 2022. Tatiana Meel/Reuters

LONDON—Oil prices held near three-week highs on Thursday after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrel per day (bpd), the largest reduction since 2020.

Brent crude futures edged down 16 cents, or 0.2 percent, to $93.21 per barrel by 1020 GMT after settling 1.7 percent up in the previous session.