Oil prices surged about 4%, to their highest level in five weeks, and headed higher for the second week in a row, helped by OPEC+’s decision to cut its biggest supply cut since 2020 despite recession fears. and high interest rates.
Brent crude rose $3.44, or 3.64%, to $97.86 a barrel.
US West Texas Intermediate also rose $3.92, or 4.43%, to $92.37 a barrel.
Oil’s gains continued despite the dollar’s gains after data showed the US economy was creating jobs at a high pace, while bolstering expectations that the Federal Reserve (the US central bank) will continue to tighten monetary policy sharply.
The cuts adopted by the OPEC+ bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, precede an EU ban on Russian oil and will cut supplies to a market already suffering from the crisis. dense supply.
The two benchmarks are nearing record second-week gains, with Brent close to a 10% gain this week and US crude 15%, the biggest percentage gains for both crudes since March.
Source: El Iktisad
