KONTAN.CO.ID - LONDON. Oil rose 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 33 cents, or 0.4%, to $94.75 a barrel at 0800 GMT. U.S. West Texas Intermediate or WTI crude also gained 33 cents, or 0.4%, to $88.78.
Oil Heads for Weekly Gain After OPEC+ Cut Despite Economy Headwinds
KONTAN.CO.ID - LONDON. Oil rose 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 33 cents, or 0.4%, to $94.75 a barrel at 0800 GMT. U.S. West Texas Intermediate or WTI crude also gained 33 cents, or 0.4%, to $88.78.