Oil prices set for second weekly gain after Opec+ agrees on 2 million bpd output cut – The National

Oil prices set for second weekly gain after Opec+ agrees on 2 million bpd output cut – The National

Oil prices were headed for their second weekly gain on Friday after the Opec+ alliance agreed to reduce output by 2 million barrels per day, its biggest production cut since the start of the coronavirus pandemic.

Brent, the benchmark for two thirds of the world’s oil, was up 0.55 per cent at $94.94 a barrel at 1pm UAE time.

West Texas Intermediate, the gauge that tracks US crude, was trading 0.53 per cent higher at $88.92 a barrel.