Oil prices rallied again today to five-week highs, trading up every single day this week with WTI up 17% week over week. This is on the back of OPEC+s decision to make its largest supply cut since 2020, of 2MM/bpd. Both contracts had their highest close since August and heating oil futures also rallied this week to their highest close on record. Analysts are already calling for $100/bbl crude as the OPEC+ cut comes ahead of an EU oil embargo on Russia. The US of course expressed disappointment with the decision and is looking at all alternatives to reduce prices. “Oil futures prices are managing to gain upside traction even though widespread inflation across the U.S. and Europe is threatening the potential for a global recession where demand will likely take a sizeable hit,” analysts at energy consulting firm Gelber & Associates said. WTI traded up $4.19 or 4.7% to close at $92.64. Brent traded up $3.50 or 3.7% to close at $97.92.