WTI Crude Rises Above $80 a Barrel for First Time Since April

West Texas Intermediate oil futures rose above $80 a barrel for the first time since April as OPEC+ curbs tighten global supplies and traders bet Federal Reserve interest rates may have peaked.

(Bloomberg) — West Texas Intermediate oil futures rose above $80 a barrel for the first time since April as OPEC+ curbs tighten global supplies and traders bet Federal Reserve interest rates may have peaked.

Prices have climbed since Saudi Arabia and Russia pledged further output cuts, with the latter’s reductions showing up in reduced seaborne flows from Baltic and Black Sea ports. The US economy grew at a faster rate than expected in the second quarter, while traders have been wagering that the Federal Reserve’s aggressive interest rate hike cycle will soon come to an end.

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