WASHINGTON (dpa-AFX) - Oil prices rose on Friday and were set for a second weekly gain following OPEC's controversial move to cut oil production by two million barrels a day.
Benchmark Brent crude futures rose 0.4 percent to $94.83 a barrel, while WTI crude futures were up half a percent at $88.86.
Oil prices gained about 10 percent over the past week as the OPEC+ decision signaled that tight conditions would remain throughout this winter.
Russia also reiterated this week that it won't sell oil to countries that adopt a U.S.-led price cap, adding to supply uncertainty.
The Biden administration is considering releasing 10 million more barrels of oil from the U.S.' Strategic Petroleum Reserve (SPR) in November but traders believe the move to counter raising gas prices again will not stop the oil price rally.
Analysts say that by depleting the reserve, the U.S. is putting itself more in the hands of OPEC+.
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