Oil Heads for Weekly Gain After OPEC+ Cut Despite Economy Headwinds

Oil Heads for Weekly Gain After OPEC+ Cut Despite Economy Headwinds
A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture on April 14, 2020. Dado Ruvic/Illustration/Reuters
Reuters
Updated:

LONDON—Oil rose about 1 percent on Friday and was headed for a second consecutive weekly gain supported by OPEC+’s decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates.

The cut from the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes ahead of a European Union embargo on Russian oil and will squeeze supply in an already tight market.