Oil soars after OPEC+ maintains limit

Oil prices went up on Tuesday, reaching their highest level in three years and extending the previous session’s gains after the world’s major oil producers announced that they have decided to put a limit on crude supplies.

Brent crude added 0.3%, or 23 cents, at $81.49 per barrel by 0341 GMT, after its 2.5% increase on Monday.

U.S. West Texas Intermediate (WTI) oil edged up 0.2%, or 12 cents, to $77.74, following its 2.3% gain during the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, announced on Monday that it would keep an agreement to boost output only gradually, ignoring calls from the U.S. and India to increase production as the global economy bounces back from the coronavirus pandemic.

Oil prices have already risen over 50% this year, an increase that has contributed to inflationary pressures that crude-consuming countries fear will derail the economic recovery from the pandemic.