Daily Times

Oil prices settled mixed on Sunday as traders digested major oil producers’ decisions on output. The West Texas Intermediate for January delivery lost 24 cents to settle at 66.26 US dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 21 cents to close at 69.88 dollars a barrel on the London ICE Futures Exchange. The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Thursday pledged to stick to the current plan to increase oil production by 400,000 barrels per day next month. The alliance also said in a statement that “the meeting shall remain in session pending further developments of the pandemic and continue to monitor the market closely and make immediate adjustments if required.”