OPEC Approves Another Hike in Production Quotas

Crude oil futures edged lower in mid-morning trade on Wednesday amid investor profit-taking.

Brent futures contract was down 0.34 per cent from the previous close at $79.73/b, while the February light sweet crude contract was down 0.31 per cent at $76.75/b.

OPEC and its Russia-led partners approved another hike in production quotas, betting the market can absorb more oil in the coming months despite surging COVID-19 infections worldwide.