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Oil Heads for Weekly Gain After OPEC+ Cut Despite Economy Headwinds

Started by Epoch-Times-Bot, Oct 07, 2022, 07:45 AM

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Epoch-Times-Bot

Oct 07, 2022, 07:45 AM
Oil Heads for Weekly Gain After OPEC+ Cut Despite Economy Headwinds

LONDON—Oil rose about 1 percent on Friday and was headed for a second consecutive weekly gain supported by OPEC+’s decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates.
The cut from the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes ahead of a European Union embargo on Russian oil and will squeeze supply in an already tight market.
Brent crude was up 87 cents, or 0.9 percent, to $95.29 a barrel at 1110 GMT. U.S. West Texas Intermediate or WTI crude gained 98 cents, or 1.1 percent, to $89.43.
“Among the key ramifications of OPEC’s latest cut is a likely return of $100 oil,” said Stephen Brennock of oil broker PVM. “Gains, however, will be capped by mounting economic headwinds.”...

Source: Oil Heads for Weekly Gain After OPEC+ Cut Despite Economy Headwinds

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