October 20, 2022 [Bloomberg] – Oil rallied after a report that Russia will advocate for OPEC+ nations to cut production, heightening supply concerns as deadlines to implement Russian fuel bans approach.
West Texas Intermediate rose 2.3% to settle above $78 a barrel. Futures earlier rose almost 4% after Reuters reported Russia is expected to push for production cuts at OPEC’s next meeting. A strengthening dollar and a reminder from Federal Reserve members that more rates hikes are likely in order to slow inflation tamped down the rally.
