WTI Crude Hits $82, OPEC Holds Output Target Steady

5 Dec 2022 , 05:17 PM

The WTI Crude oil futures rose today, as Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together called OPEC+ have held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. OPEC+ agreed to stick to their October plan to cut output by 2 million barrels per day from November through 2023. The commodity is currently trading at $82.06 per barrel, up 2.5% on the day. The ability of the commodity to hold above $80 per barrel is triggering good buying support.Powered by Commodity Insights