Saudi Arabia, U.A.E. reach deal on OPEC+ oil output: report

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Saudi Arabia and the United Arab Emirates reached a deal Wednesday that would allow a stalled OPEC+ deal on output levels to proceed, with the U.A.E. allowed to boost the baseline used to determine how much crude it's allowed to pump, Reuters reported, citing an OPEC+ source. OPEC+ talks on a proposal to lift production by a cumulative 2 million barrels a day between August and December fell apart earlier this month after the U.A.E. insisted that its baseline should be raised. Reuters reported that the UAE's baseline would be lifted to 3.65 million barrels per day after the current pact expires in April 2022. Oil futures remained moderately lower after the reports, with September Brent crude BRN00, -0.10% BRNU21, -0.10%, the global benchmark, down 28 cents, or 0.3%, at $76.21 a barrel on ICE Futures Europe. West Texas Intermediate crude for August delivery CL00, -0.31% CLQ21, -0.31%, the U.S. benchmark, was off 45 cents, or 0.6%, at $74.80 a barrel on the New York Mercantile Exchange.

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