"Oil Surges Above $80 as Supply Tightens and OPEC+ Decision Looms"

Crude oil prices have risen for the second consecutive month, with West Texas Intermediate surpassing $80 a barrel, the highest level since November 2021. Factors contributing to the increase include tightness in the supply market indicated by near term contracts trading at a premium, potential extension of production cuts by OPEC plus, higher-than-expected demand from Asia, and concerns about Middle East tensions affecting oil supply routes. Year-to-date, WTI is up 14% and Brent crude is up 10%.