Brent oil price rises above $82 for first time in 3 years

Brent oil price rises above $82 for first time in 3 years

Oil futures moved higher Tuesday, with the U.S. benchmark extending a rise that saw it close at a nearly seven-year high the previous session after the OPEC and its allies decided not to accelerate its plan for gradually relaxing production cuts.

WTI crude for November delivery rose $1.06, or 1.3%, to $82.32 a barrel on the New York Mercantile Exchange after posting the highest finish for a front-month contract since Nov. 11, 2014 on Monday.

December Brent crude , the global benchmark, was up $1.09, or 1.3%, at $82.35 a barrel on ICE Futures Europe. Brent on Monday posted its highest close since Oct. 16, 2018, MarketWatch reported.

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