OPEC and a Russia-led group of oil producers agreed to continue increasing production, opting against opening the taps more widely and driving prices to their highest levels since 2014.
Indeed, West Texas Intermediate crude, the U.S. benchmark, rose 3 percent to $78.13. Brent, the international gauge, rose more than 3 percent to $81.77 a barrel, the Wall Street Journal reports.
These recent rises in oil prices had some expecting OPEC and its Russia-led allies to lift production. However, instead, the Organization of the Petroleum Exporting Countries and Russia said the group would lift its collective output by 400,000 barrels a day in monthly installments, part of a previously agreed upon plan to return output to pre-COVID levels by next year.
As economies have begun opening back up, oil is in more high-demand. Natural gas prices have also increased in demand while inventories in the U.S. and Europe are low. These shortages have contributed to high oil prices, analysts say.
