Oil Hits $85 For First Time Since October As Market Tightens
US crude futures hit $85 a barrel in New York for the first time since October, as OPEC+ supply cuts underpin a steadily strengthening market.
(Bloomberg) -- US crude futures hit $85 a barrel in New York for the first time since October, as OPEC+ supply cuts underpin a steadily strengthening market.
West Texas Intermediate futures rose as much as 1.6%.
Production curbs by the Organization of Petroleum Exporting Countries and its allies — coupled with a robust outlook for consumption this year — have helped push prices higher. Conflict in the Middle East has also caused swaths of global shipping to divert around Africa to keep crews and cargo safe.
Nearby oil futures are trading at large premiums to those later for a later date, indicating strong demand for barrels for immediate delivery.
Read More: OPEC+ Cuts Succeed as Oil Price Recovers in Tighter Market
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