Oil prices rose on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis.
Brent crude rose 36 cents, or 0.45%, to $80.90 a barrel by 0912 GMT after touching $81.79. U.S. West Texas Intermediate crude gained 60 cents, or 0.76%, to $79.41 after rising as high as $80.17.
Top OPEC producer Saudi Arabia dismissed calls for speedier increases from the Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, citing economic headwinds.But with U.S. retail gasoline prices not far off $4 a gallon, considered a pressure point for American drivers, the onus is on the White House after Biden on Saturday urged major G20 energy producers with spare capacity to boost output.
The focus will now shift to whether the United States and other countries opt to release oil from strategic petroleum reserves , UBS oil analyst Giovanni Staunovo said in a note. Oil prices recently touched seven-year highs but fell this week after an increase in U.S. inventories and signs that high prices could encourage higher production elsewhere.
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