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Oil Prices Surge Past $90 as OPEC+ Tightens Supply Amid Global Demand Growth

Summary

Oil prices climbed above $90 per barrel today after OPEC+ announced further production cuts to balance the market. The cartel agreed to reduce output by 500,000 barrels per day sta

Oil prices climbed above $90 per barrel today after OPEC+ announced further production cuts to balance the market. The cartel agreed to reduce output by 500,000 barrels per day starting March, citing concerns over slowing inventory draws. Bloomberg reported that global demand is expected to grow by 2.1 million barrels per day this year, driven by economic recovery in Asia. Analysts warn that the supply tightening could keep prices elevated, impacting inflation and commodity markets worldwide.
1d agoVerified by Kanchan
Oil Prices Surge Past $90 as OPEC+ Tightens Supply Amid Global Demand Growth

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