Brent Oil Hits $90 a Barrel After OPEC+ Extends Supply Curbs
Oil pump jacks in Midland, Texas.
Photographer: Sergio Flores/BloombergThis article is for subscribers only.
Brent oil rallied to $90 a barrel for the first time since November as key OPEC+ producers extended supply cuts that have tightened the crude market.
Saudi Arabia extended its unilateral production cut by another three months as the kingdom seeks to support a fragile global market. The move will hold output at about 9 million barrels a day, the lowest level in several years. Russia said it would curb 300,000 barrels a day of exports through year end, aligning with Riyadh.