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Oil rises after OPEC+ rebuffs U.S. call to boost output

LONDON– Oil prices rose on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis.

Brent crude rose 36 cents, or 0.45%, to $80.90 a barrel by 0912 GMT after touching $81.79. U.S. West Texas Intermediate crude gained 60 cents, or 0.76%, to $79.41 after rising as high as $80.17.

The OPEC+ group of major producers agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day (bpd) from December, ignoring calls from U.S. President Joe Biden for extra output to cool rising prices.

Top OPEC producer Saudi Arabia dismissed calls for speedier increases from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, citing economic headwinds.

The group has been restricting supply after the COVID-19 pandemic led to an evaporation of demand.

But with U.S. retail gasoline prices not far off $4 a gallon, considered a pressure point for American drivers, the onus is on the White House after Biden on Saturday urged major G20 energy producers with spare capacity to boost output.

Nov 5 (Reuters)