Does The OPEC+ Oil Price Rally Have Legs?

U.S. West Texas Intermediate crude oil futures are up sharply late Thursday and for the week after OPEC and its allies (OPEC+) agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (bpd), the largest reduction since 2020. The agreement comes ahead of a European Union Embargo on Russian oil and would squeeze supplies in an already tight market, adding to inflation, according to Reuters. Saudi Energy Minister Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd. Saudi…