Oil surged to a 10-month high — extending a powerful rally that may rekindle inflation — as supply cuts from OPEC+ tightened the market, with Saudi Arabia’s energy minister shying away from any change in course.
Global benchmark Brent topped $96 a barrel for the first time since November before paring gains. The tighter market has ignited a flurry of predictions that $100 oil could soon return in a roster than runs from industry heavyweights such as Chevron chief executive officer Mike Wirth to traditional bears at Citigroup. The latest upswing has been marked by significant moves in timespreads, one of the market’s most-keenly tracked metrics.
