Oil Prices Set For The Biggest Weekly Gain Since Spring

Despite an initially lukewarm reaction to OPEC+’s decision to reduce output by a nominal 2 million bpd, oil prices look set for the biggest weekly gain since March, the first month after the Russian invasion of Ukraine. Although prices are still well below the $100 per barrel seen by many banks and analysts as a likely price for Brent this quarter, they have made some sizeable gains this week, with WTI adding 11 percent, per Bloomberg data. “Sentiment was already bearish in anticipation of a weakening global economy, and this decision…