{"id":1677837,"date":"2022-10-07T08:54:07","date_gmt":"2022-10-07T12:54:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1677837"},"modified":"2022-10-07T08:54:46","modified_gmt":"2022-10-07T12:54:46","slug":"oil-heads-for-weekly-gain-after-opec-cut-despite-economy-headwinds","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-heads-for-weekly-gain-after-opec-cut-despite-economy-headwinds\/","title":{"rendered":"Oil heads for weekly gain after OPEC+ cut despite economy headwinds"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-heads-for-weekly-gain-after-opec-cut-despite-economy-headwinds%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1677837&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Alex Lawler<\/p>\n<p>LONDON (Reuters) -Oil rose about 1% on Friday and was headed for a second consecutive weekly gain supported by OPEC+\u2019s decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>The cut from the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes ahead of a European Union embargo on Russian oil and will squeeze supply in an already tight market.<\/p>\n<p>Brent crude was up 87 cents, or 0.9%, to $95.29 a barrel at 1110 GMT. U.S. West Texas Intermediate or WTI crude gained 98 cents, or 1.1%, to $89.43.<\/p>\n<p>\u201cAmong the key ramifications of OPEC\u2019s latest cut is a likely return of $100 oil,\u201d said Stephen Brennock of oil broker PVM. \u201cGains, however, will be capped by mounting economic headwinds.\u201d<\/p>\n<p>Both benchmarks were heading for a second weekly gain, with that of Brent exceeding 8% this week. The global benchmark is still down sharply after coming close to its all-time high of $147 a barrel in March after Russia invaded Ukraine.<\/p>\n<p>\u201cWith Brent now firmly back in the $90-100 range, the group will likely be pleased with the outcome although substantial uncertainty remains over the economic outlook,\u201d said Craig Erlam of brokerage OANDA, referring to OPEC+.<\/p>\n<p>A dip in the U.S. dollar ahead of Friday\u2019s U.S. jobs report also provided oil with some support, although given the Federal Reserve\u2019s commitment to fighting inflation, strategists believe any weakness won\u2019t last.[USD\/]\n<p>Dollar strength makes oil more expensive for other currency holders and tends to weigh on oil and other risk assets. <\/p>\n<p>Investors are looking to the U.S. nonfarm payrolls report  due later on Friday for clues on how much further U.S. rates need to rise. [MKTS\/GLOB]\n<p>U.S. President Joe Biden expressed disappointment on Thursday over OPEC+\u2019s plans and he and officials said the United States was looking at all possible alternatives to keep prices from rising.  <\/p>\n<p> (Additional reporting by Mohi Narayan; editing by Jason Neely)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/oil-heads-for-weekly\/attachment\/file-photo-a-3d-printed-oil-pump-jack-in-front-3\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9600F-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9600F-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Alex Lawler LONDON (Reuters) -Oil rose about 1% on Friday and was headed for a second consecutive weekly gain supported by OPEC+\u2019s decision to make its largest supply cut<\/p>\n","protected":false},"author":66,"featured_media":1889569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1677837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/oil-heads-for-weekly\/?utm_source=rss&utm_medium=rss&utm_campaign=oil-heads-for-weekly","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1677837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1677837"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1677837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889569"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1677837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1677837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1677837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}