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Oil Rises With OPEC+ Seen Considering Cuts Amid Faltering Market

  • EU considers Russian oil price cap as low as $62 a barrel
  • JPMorgan cuts Brent crude forecast for 2023 by $8 to $90
Bloomberg business news
WATCH: Oil tumbled to the lowest level since December as a wave of unrest in China punished risk assets. Paul Wallace reports.Source: Bloomberg
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Oil rose as OPEC+ delegates said deeper production cuts could be an option when they meet this weekend. 

West Texas Intermediate rose 1.3% to settle above $77 a barrel. Earlier in the session, oil prices slumped below $74 to the lowest since December as protests over harsh anti-Covid measures erupted across China triggered a broad selloff in commodities and equity markets. With the oil market’s structure looking increasingly weak, delegates from the group say additional reductions could be an option.