Oil jumps 4% to 5-week high lifted by OPEC+ output cut
Oil prices jumped about 4% to a five-week high on Friday, lifted again by an OPEC+ decision this week to make its largest supply cut since 2020 despite concern about a possible recession and rising interest rates, News.az reports.
Oil rallied for the fifth day in a row even as the dollar
A strong greenback can pressure oil demand, making dollar-denominated crude more expensive for other currency holders.
Brent futures rose $3.50, or 3.7%, to settle at $97.92 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $4.19, or 4.7%, to end at $92.64.