On Friday, oil prices soared to a near three-year high, pointing to a third week of increases, boosted by global supply disruptions and inventory decreases. China's first public auction of state crude reserves slowed the surge significantly. By 10:40 a.m. EDT (1440 GMT), Brent crude had risen 53 cents, or 0.7 percent, to $77.78 a barrel, while WTI crude had risen 40 cents, or 0.6 percent, to $73.70.
Due to under-investment or maintenance delays during the pandemic, certain members of the Organization of the Petroleum Exporting Countries and their Allies, known as OPEC+, have also struggled to increase output. Pakistan, which wants to increase oil exports, said it would resume talks with foreign powers on restarting compliance with a 2015 nuclear accord soon. It didn't provide a timeframe.
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