Global crude oil prices rise after OPEC+ holds firm on supply restraint

Global crude oil prices have increased sharply after OPEC+ decided to stick to a gradual output increase plan rather than fully opening the taps.

Brent crude oil futures stuck near three-year highs on Tuesday, with U.S. benchmark crude close to 2014 peaks, after the OPEC+ supplier group decided to stick to a gradual output increase plan rather than fully opening the taps.

Brent crude was up 51 cents or 0.6% at $81.77 a barrel by 0845 GMT, having rising 2.5% on Monday. U.S. West Texas Intermediate (WTI) oil rose 50 cents or 0.6% to $80.98, after gaining 2.3% the previous session.