LONDON—Oil prices held near three-week highs on Thursday after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrel per day (bpd), the largest reduction since 2020.
Brent crude futures edged down 16 cents, or 0.2 percent, to $93.21 per barrel by 1020 GMT after settling 1.7 percent up in the previous session.
U.S. West Texas Intermediate (WTI) crude futures lost 14 cents, or 0.2 percent, to $87.62 after closing 1.4 percent up on Wednesday.
The agreement between the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, a group known collectively as OPEC+, comes ahead of a European Union embargo on Russian oil and would squeeze supplies in an already tight market, adding to inflation….