Oil up nearly 3% as OPEC+ agrees to small oil output cut

Brent crude futures for November delivery rose $2.61 to $95.63 a barrel, a 2.8% gain, by 12:32 p.m. ET (16:32 GMT).

Prices had climbed nearly $4 earlier in the session, but were tamed by comments from that White House that U.S. President Joe Biden is committed to take all steps necessary to shore up energy supplies and lower prices.

U.S. crude rose $2.31 to $89.18 per barrel, a 2.7% rise after a 0.3% gain in the previous session, in thin trading during the U.S. Labor Day holiday.

The 100,000 barrels per day (bpd) reduction by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, amounts to only 0.1% of global demand. The group also agreed they could meet any time to adjust production before the next scheduled meeting on Oct. 5.