2023-08-08 01:52:46
Oil prices rose in early trading, on Tuesday, as the market was supported by supply concerns caused by production cuts from Saudi Arabia and Russia, according to Archyde.com.
Brent crude futures rose 37 cents, or 0.4 percent, to $85.71 a barrel by 0010 GMT.
US West Texas Intermediate crude was $82.37 a barrel, up 43 cents, or 0.5 percent.
Both contracts closed down regarding 1 percent in the previous session, as investors braced for weak demand from the world’s two largest economies, China and the United States.
“Saudi and Russian production cuts may remain a cause for optimism in oil markets,” CMC Markets analyst Tina Teng said in a note.
Saudi Arabia, the world’s largest oil exporter, said it would extend a voluntary cut in oil production by one million barrels per day for another month to include September, adding that it might extend the cut beyond that or cut production further following September.
Russia also said it would cut its oil exports by 300,000 barrels per day in September.
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