Oil hits multi-year highs as OPEC+ sticks to output plan

U.S. West Texas Intermediate (WTI) oil closed up US$1.31, or 1.7%, at $78.93 a barrel. During the session it surged more than 2% to as high as $79.48, the most in nearly seven years. Brent crude settled up $1.30, or 1.6%, at $82.56. Earlier, Brent hit a three-year high of $83.13. Both contracts extended gains made on Monday, when they each rose more than 2%.

NEW YORK: Oil prices jumped on Tuesday, with U.S. crude hitting its highest since 2014 and Brent futures climbing to a three-year high, after the OPEC+ group of producers stuck to its planned output increase rather than raising it further.

On Monday, OPEC+ agreed to adhere to its July pact to boost output by 400,000 barrels per day (bpd) each month until at least April 2022, phasing out 5.8 million bpd of existing production cuts.