OPEC Opts Against Big Output Boost, Pushing Oil Prices to Seven-Year High

OPEC and a Russia-led group of oil producers agreed to continue increasing production in measured steps, delegates said Monday, deciding against opening the taps more widely, and driving crude prices to their highest levels since 2014.

The decision sent oil prices sharply higher. West Texas Intermediate crude, the U.S. benchmark, rose 3% to $78.13. Brent, the international gauge, rose more than 3% to $81.77 a barrel. Rises in oil prices recently had some market watchers expecting OPEC and its Russia-led allies to lift production more significantly.

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Source:" WSJ "

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