Oil Rises Amid Doubts About OPEC+ Plan to Boost Production

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.