Oil prices rose about 2 percent today, and headed for gains for the second week in a row, supported by the decision of OPEC + to make the largest supply cut since 2020, despite concerns about recession and high interest rates.
By 1348 GMT, Brent crude rose $1.70, or 1.8 percent, to $96.12 a barrel.
US West Texas Intermediate crude also rose $1.72, or 1.9 percent, to $90.17 a barrel.
The two benchmarks are heading to record gains for the second week, and Brent crude is close to recording a 9 percent rise this week. But it is still significantly lower after approaching an all-time high of $147 a barrel, which it hit in March, according to “Archyde.com”.
The rise of oil continued despite the dollar’s rise after data showed that the US economy is creating jobs at a strong pace, while reinforcing expectations that the Federal Reserve will continue to tighten monetary policy sharply.