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%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

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.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

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
Source: globeandmail - 🏆 5. / 92 Read more »