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Oil surged for the fifth straight day on supply concernsOil surged for the fifth straight day on supply concerns |
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International benchmarks for crude oil rallied for the fifth consecutive session on Friday, 7 October 2022 on the back of intensifying supply concerns after OPEC and allies agreed to cut production outputs by 2 million barrels per day in November. Both Brent and WTI contracts are at the highest levels since late August 2022.
Brent rose $3.50 to close at $97.92/barrel.
WTI added $4.70 to close at $92.64/barrel.
