Inventories slide, crude oil prices cut losses as OPEC+ meets

Crude prices rose after OPEC and non-OPEC oil producers, led by Russia, agreed to a bigger-than-expected increase in oil production.

Brent futures, the global oil benchmark, pared earlier losses and rose around 0.4%. The market was expecting higher supply following a meeting between the 13 members of the Organization of the Petroleum Exporting Countries and 10 non-OPEC producers on Thursday. The United States and Europe pressed the group, dubbed OPEC+, to pump more crude, as Russia’s invasion of Ukraine pushed oil prices above $100 a barrel.