Oil prices rose on Tuesday, with Brent crude oil futures hovering near three-year highs and U.S. benchmark crude holding close to 2014 peaks, after OPEC and other major producers decided not to increase their output by more than previously agreed.
Brent crude futures for December delivery were up half a percent at $81.64 a barrel in European trade, after having risen 2.5 percent on Monday. U.S. West Texas Intermediate (WTI) crude futures for November settlement were up 0.3 percent at $77.81.
Officials from OPEC, Russia and other oil producers decided on Monday to stick to a gradual output agreement despite rising demand for energy as businesses around the world resumed operations.
The 23-member group said that it would raise production by a modest 400,000 barrels a day in November, less than 0.5 percent of world demand, under a deal reached in July to return output to pre-Covid-19 levels.
In effect, the group shrugged off political and commercial pressure to ramp up oil output to ease a tightening market.