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Oil Tops $88 After Four-Day Runup on OPEC+ Cut and Supply Fears

  • OPEC+ cuts hasten path back to $100, Morgan Stanley forecasts
  • West Texas Intermediate futures have advanced 11% this week
Bloomberg business news
Goldman Sach Is Bullish on Oil
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Oil topped $88 a barrel a day after the OPEC+ alliance announced its biggest production cut since 2020.

West Texas Intermediate extended gains with a slight price increase Thursday after jumping 10% over the previous three sessions. The Organization of Petroleum Exporting Countries and its allies agreed Wednesday to slash daily output by 2 million barrels, drawing a swift rebuke from the US as the Biden administration seeks to battle energy-driven inflation.