Oil near three-week high on cuts to OPEC+ output targets

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."We believe that the price impact of the announced measures will be significant," said Jorge Leon, senior vice-president at Rystad Energy.