Apr 4, 2024
Brent Oil Futures Hit $90 a Barrel for First Time Since October
Bloomberg News
,(Bloomberg) -- Brent crude climbed above $90 a barrel for the first time since October, extending a rally driven by OPEC+ production cuts, strong demand and heightened geopolitical risks.
The global benchmark rose as much as 1%. Futures have jumped this week as tensions escalated in the Middle East, with Iran vowing revenge on Israel for an airstrike on its embassy in Syria that killed a top military commander.
An OPEC+ committee didn’t recommend any changes to the group’s ongoing output cuts when it met on Wednesday, keeping 2 million barrels a day of output offline until the end of June.
--With assistance from Yongchang Chin and Alex Longley.
©2024 Bloomberg L.P.