Oil Surges Through $85 Barrier as OPEC+ Supply Cuts Grip Market
- China’s new stimulus measures allay concerns about demand
- WTI is up 7.2% this week for biggest gain since March
Oil prices surged above $85 as a monthslong effort by OPEC+ to reduce supplies gripped the physical market and China showed a new resolve to bolster its economy, a key engine of global crude consumption.
West Texas Intermediate climbed for the seventh straight day, extending the longest such run since January and closing at the highest settlement price since November. US futures have advanced 7.2% this week, notching the biggest weekly gain since March.