Oil Futures Extend Rally on SaudiLed Production Cuts

WASHINGTON (DTN) — Following a blow-out rally triggered by the OPEC+ decision to cut oil production beginning next month, oil futures traded on the New York Mercantile Exchange and Brent crude on the Intercontinental Exchange extended gains into early hours Tuesday as investors assessed demand fundamentals across developed countries with the potential for higher inflation and rising interest rates further eroding fuel consumption. Saudi Arabia and other OPEC+ producers might control much of global supply, but the U.S. and European economies are still a wildcard when it comes to demand growth, making it unclear how long the price spike could…