Oil’s rally gathers pace as Brent pops above $95 a barrel

Oil surged to a 10-month high – extending a powerful rally that may rekindle inflation – as supply cuts from OPEC+ tightened the market and Saudi Arabia’s energy minister shied away from any change in course.

Global benchmark Brent topped $95 a barrel for the first time since November. The tighter market has ignited a flurry of predictions that $100 oil could return in a roster than runs from industry heavyweights such as Chevron Corp. Chief Executive Officer Mike Wirth to traditional bears at Citigroup Inc.