Oil surges through US$85 barrier as OPEC+ supply cuts grip market

📆 01/09/2023 19:17:00
📰 BNNBloomberg

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Oil prices surged to US$85 as a monthslong effort by OPEC+ to reduce supplies gripped the physical market and China showed a new resolve to bolster its economy, a key engine of global crude consumption.

West Texas Intermediate climbed for a seventh day, extending the longest such run since January and bringing prices to the highest since November. U.S. futures have advanced about 6 per cent this week, heading for the biggest weekly gain since April.

“$85 WTI is a huge psychological level,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “To break through and hold we will need confirmation of Saudi-Russia cut extensions and confidence that China stimulus has started to take hold and improve sentiment there. I think we will break above $85 and hold, but we may test and fail a few times first.”

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