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Oil advances toward USD 50 after OPEC+ clinches compromise deal

The oil price is headed for USD 50 per barrel after the oil exporting nations in OPEC and their allies reached a compromise deal. The deal came after a tense split between Saudi Arabia and the United Arab Emirates.

Photo: Bloomberg/Bloomberg

Oil extended gains toward $50 a barrel after OPEC+ reached a compromise deal to gradually taper production cuts, ending days of uncertainty after cracks emerged in the alliance earlier in the week.

Futures surged 1.8% in London after closing at the highest level in nine months on Thursday. The group will start adding 500,000 barrels a day of crude to the market in January, with ministers holding monthly meetings to decide on the next steps. The deal avoided a breakdown of OPEC+ unity after a tense split between Saudi Arabia and the United Arab Emirates.

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