OPEC agrees to output increase, say reports from CNBC.

However, John Kilduff, founding partner at energy hedge fund Again Capital, cited that OPEC’s official statement lacked a definitive production target, causing crude futures to rise.

“They definitely came up short, relative to expectations,” said Kilduff. “A headline touting … 1 million barrels of additional output would have made a difference.”

The biggest oil ETF based on total assets, United States Oil (NYSEArca: USO) was up 3.34%.

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