Oil prices have stabilized after the big exporters’ cartel and their allies reiterated their plans to stick to targets of cutting production, rather than increasing production to make up for any shortages in Russian supplies.

Brent crude, the international benchmark, rose 1.4 percent on Tuesday to trade at $88.64. West Texas Intermediate, the US brand, was also up 1.4 percent to $81.14.

The market had a volatile previous session after the Opec group of oil producing countries issued a report of…

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