(Bloomberg) -- US oil futures climbed above $85 a barrel for the first time since November as supply cuts from the Organization of Petroleum Exporting Countries and its allies tighten the crude market.
Crude prices have surged over the summer as production curbs, primarily from Saudi Arabia and Russia, boosted the market a time when demand usually rises. China's efforts to ramp up economic stimulus and robust economic data from the US have also supported the rally.
West Texas Intermediate rose as much as 1.9%. Brent also climbed. Prices also gained as US jobs data indicated wages were rising slower than forecast, taking the pressure off the Federal Reserve to hike interest rates.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
