Oil prices settle up 1% on reports OPEC+ could reassess output

Brent crude futures rose 81 cents, or 1%, to settle at US$79.70 a barrel. WTI crude futures rose 81 cents, or 1%, to settle at $76.75 a barrel. Prices of the Brent and U.S. West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest levels since Oct. 1.

NEW YORK: Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand.

Brent crude futures rose 81 cents, or 1%, to settle at US$79.70 a barrel. WTI crude futures rose 81 cents, or 1%, to settle at $76.75 a barrel.