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.

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