OPEC+ Agrees to Significant Oil-Production Cut

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OPEC+ agreed to a significant production cut of another million barrels a day, delegates said, in a move that will likely send prices higher amid the continuing conflict in the Middle East.

As part of the deal reached Thursday, Saudi Arabia also agreed to extend its cut of 1 million barrels a day that it announced in June.

Oil prices rose shortly after The Wall Street Journal reported the output cut decision. Brent, the global benchmark for crude, rose about 1.3% to trade at $83.49 a barrel.

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