October 07, 2022 / 07:52 AM IST Oil prices extend gains: Oil prices rose on Friday, continuing an upward trend after OPEC+ this week agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (bpd).
The cut from the Organization of Petroleum Exporting Countries and allies including Russia, together known as OPEC+, is its largest reduction since 2020 and comes ahead of a European Union embargo on Russian oil.
The decision would squeeze supplies in an already tight market, adding to inflation.
Brent crude futures rose 19 cents to $94.61 a barrel by 0002 GMT.
WTI crude futures rose 24 cents to $88.69 a barrel, after earlier hitting $89.37 per barrel, the highest since Sept. 14.

Source - Money Control