Oil settles up as focus turns to Opec+, Kazakh output

Brent crude futures settled up US$1.70, or 2.1%, at US$81.68 a barrel. US West Texas Intermediate (WTI) crude gained US$1.55, or 2.1%, to settle at US$76.41.

NEW YORK: Oil prices jumped on Tuesday, settling up about 2% on the possibility Opec+ will extend or deepen supply cuts, a storm-related drop in Kazakh oil output and a weaker US dollar.

Brent crude futures settled up US$1.70, or 2.1%, at US$81.68 a barrel. US West Texas Intermediate (WTI) crude gained US$1.55, or 2.1%, to settle at US$76.41.