Oil extended gains as OPEC+ cuts output by 2 million barrels

International benchmarks for crude oil extended the firming trend on Wednesday, 5 September 2022 after OPEC and allies agreed to reduce production outputs by 2 million barrels in November – an effort to buff up prices. Also supporting the higher prices is the fall in US’s commercial crude and gasoline stocks last week.

Brent crude gained $1.57 or 1.7% to close at $93.37/barrel. 

WTI jumped $1.24 or 1.4% to settle at $87.76/barrel.