Oil climbed amid skepticism about whether OPEC and its allies can successfully raise output as much as they intend.
Futures in New York rose as much as 2% and the global benchmark traded above $81 a barrel on Wednesday. OPEC+ on Tuesday stuck to its plan to add 400,000 barrels a day next month after it cut estimates for a surplus in the first quarter. However, recent history shows the group has been severely limited in how much it can boost output — adding just 90,000 barrels a day in December, according to a Bloomberg survey.
Read more here.