(Bloomberg) — Oil traded near the highest level this year after a surge driven by supply cuts from OPEC+ that have tightened the market.
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Global benchmark Brent was little changed below $89 a barrel after a five-day advance that lifted futures by more than 5%. US crude counterpart West Texas Intermediate, meanwhile, held above $85 a barrel.
Crude has rallied by about a quarter since late June as the impact of the supply reductions — which have been led by Saudi Arabia and Russia — worked their way through the market. Riyadh and Moscow are expected to announce their next steps in the coming days, with the cuts expected to be extended.
“The three rounds of production cuts by Saudi Arabia and its OPEC+ partners since September 2022 fully explain the return to a large deficit,” Goldman Sachs Group Inc. analysts including Daan Struyven said in a note,…
