LONDON—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 percent, to $92.94 a barrel by 0833 GMT. U.S. West Texas Intermediate crude was up 37 cents, or 0.4 percent, 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).
“The OPEC+ … plan … has derailed the growth trajectory of oil supply through the remainder of this year and next, with the resulting higher price levels exacerbating market volatility and heightening energy security concerns,” the IEA said on Thursday….