Oil prices increase on OPEC+ output decision

New York: Oil prices jumped higher on Thursday (Friday in Manila) after OPEC+ countries allowed crude production to rise only slightly, while US stocks unwound over concerns about rising inflation despite the US Federal Reserve’s (Fed) attempt to allay fears.

After a videoconference lasting less than three hours, the OPEC groups of oil producers and its allies decided to extend output cuts enacted at the pandemic’s outset into April, while the production boost they did approve amounted to only a third of what observers had predicted.