OPEC and allied producing countries are sticking with cautious increases in the amount of oil they send to the global economy. The alliance of OPEC members led by Saudi Arabia and non-members led by Russia agreed to add 400,000 barrels per day in March. The decision likely to support prices that are near seven-year highs amid fears of a Russian military move against Ukraine.

The move comes as oil prices hover near their highest levels since 2014. That is in line with plans by the OPEC+ group to add that amount of oil every month and gradually restore deep cuts made during the depths of the coronavirus pandemic in 2020. The move is expected to push up gasoline costs for drivers.

U.S. oil traded up 1.2% at $89.28, while international benchmark Brent crude was priced at $90.09. OPEC+ sticking to its plan will support oil prices, especially since several members have been unable to meet their share of output. Higher oil prices are sending reverberations throughout the global economy.

AAA: Drivers are paying an average of $3.36 per gallon for gasoline in Europe. In Germany, gasoline prices hit a record 1.71 euros per liter, the equivalent of $7.31 per gallon. Recent price rises also have been fed by the tensions in eastern Europe.
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