: Oil prices finish sharply higher as OPEC+ reportedly mulls further output cuts

Oil futures climbed on Friday, recouping most of the losses seen a day earlier that pulled prices to their lowest since July. Saudi Arabia is planning to prolong its voluntary oil production cut into next year, the Financial Times reported Friday. The Financial Times also reported that an additional OPEC+ cut of up to 1 million barrels per day could be on the table at the group’s Nov. 26 meeting. Some members of OPEC+ are angry over the humanitarian crisis in Gaza and may look to send a message to the U.S. by cutting oil output even more, the report said. December West Texas Intermediate crude CLZ23 rose $2.99, or 4.1%, to settle at $75.89 a barrel on the New York Mercantile Exchange after Thursday’s 4.9% decline. For the week, prices based on the front-month contract still lost 1.7%, according to Dow Jones Market Data.

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