Oil prices rise on tight supplies, as IEA warns of global recession

Oil prices firmed on Thursday, finding continued support from an OPEC+ decision last week to cut supplies, as the International Energy Agency warned that those cuts may push the global economy into recession.

Brent crude futures rose 49 cents, or 0.5%, to $92.94 a barrel by 0833 GMT. U.S. West Texas Intermediate crude was up 37 cents, or 0.4%, at $87.64 a barrel.

Last week, the producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia pushed prices higher when it agreed to cut supply by 2 million barrels per day (bpd).