Oil surged for the fifth straight day on supply concerns

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.