Oil Prices Rise After OPEC+ Rejects Supply Increase

Oil prices rose by more than 1% on Friday, recovering some of their losses after OPEC and its allies (OPEC+) rejected a U.S. call to increase supplies and agreed to stick to plans for a gradual return to production that was halted due to the pandemic. Brent crude increased by 82 cents, or just over 1%, to $81.36 a barrel around 0146 GMT, after losing about 2% on Thursday. U.S. crude rose by 97 cents, or 1.25%, to $79.78 a barrel after a 2.5% drop in the previous session. OPEC+ agreed at a meeting on Thursday to maintain plans to increase oil production by 400,000 barrels per day starting in December, ignoring President Joe Biden's call for increased supplies to curb rising prices.