Oil futures gain as OPEC+ reportedly reaches a deal to cut output by an additional 1 million barrels per day

Oil futures climbed on Thursday after the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, reached an agreement to reduce their monthly overall production by an additional 1 million barrels per day, according to Bloomberg. The reduction would be in addition to Saudi Arabia’s much-anticipated extension of its voluntary reduction of the same size, the news report said. The agreement has been made in principle and will still need to be voted on at the meeting later Thursday, delegates told Bloomberg. January West Texas Intermediate crude
CLF24,
+0.95%
rose 76 cents, or 1%, to trade at $78.62 a barrel on the New York Mercantile Exchange. January Brent crude
BRNF24
added $1.13, or 1.4%, at $84.23 a barrel on ICE Futures Europe, ahead of the contract’s expiration at the end of the session.