U.S. crude futures hit US$85 a barrel in New York for the first time since October, as OPEC+ supply cuts underpin a steadily strengthening market.
West Texas Intermediate futures rose as much as 1.6 per cent.
Production curbs by the Organization of Petroleum Exporting Countries and its allies — coupled with a robust outlook for consumption this year — have helped push prices higher. Conflict in the Middle East has also caused swaths of global shipping to divert around Africa to keep crews and cargo safe.
Nearby oil futures are trading at large premiums to those later for a later date, indicating strong demand for barrels for immediate delivery.
The post Oil hits US$85 for first time since October as market tightens appeared first on Bloomberg.
