Oil prices fluctuate near nine-month high amid OPEC+ decision to cut production – Trading Economics
WTI oil futures remained above 84 dollars per barrel
WTI oil futures remained above 84 dollars per barrel, approaching a nine-month high reached in the previous session, as commodity markets continued to be agitated by production cuts by key OPEC+ members – Saudi Arabia and russia.
This is reported by Trading Economics.
Saudi Arabia reaffirmed on Tuesday its commitment to rein in production and balance market pressures after announcing last week that it would extend its 1 million barrels per day production cut into September and possibly beyond, analysts say.
It is noted that russia stated last week that it would cut oil exports by 300,000 barrels per day next month.
Meanwhile, EIA data showed that US crude inventories rose by 5.85 million barrels last week, well above market expectations for a 0.56 million-barrel build. Investors also continued to assess the demand outlook in China after weak trade data and deflation fears in the world’s top crude importer gripped market sentiment, the publication summarised.
Background. Earlier, Mind reported that tankers carrying russian oil from Baltic ports to China for the first time became stuck on the Northern Sea Route.
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