New York: US oil futures climbed above $85 a barrel for the first time since November as supply cuts from the Organization of Petroleum Exporting Countries and its allies tighten the crude market.
Crude prices have surged over the summer as production curbs boosted the market a time when demand usually rises. China’s efforts to ramp up economic stimulus and robust economic data from the US have also supported the rally.
West Texas Intermediate rose as much as 1.9 per cent. Brent also climbed. Prices also gained as US jobs data indicated wages were rising slower than forecast, taking the pressure off the Federal Reserve to hike interest rates.