News Formal

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

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 50%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

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.”

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 83. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Oil Tanker Earnings Plummet Amid Outlook for Deeper OPEC+ CurbsEarnings for oil tankers in the Middle East declined to the lowest level so far this year as the prospect of deeper OPEC+ production curbs darkened the outlook for the sector.
Källa: BNNBloomberg - 🏆 83. / 50 Läs mer »

Oil dips as China factory activity shrinks; market eyes U.S. dataBrent crude futures for October, which expire on Thursday, dipped 9 cents, or 0.1%, at $85.77 per barrel by 0630 GMT. The more active November contract was down 10 cents, or 0.1%, at $85.14
Källa: globeandmail - 🏆 5. / 92 Läs mer »