Oil rises by 1% as Saudi Arabia, Russia stick to cuts
Monday, 6 November 2023 Oil prices increased as Saudi Arabia and Russia confirmed their commitment to continue voluntary supply cuts until the end of the year. Brent crude rose 1.21% to $85.92 a barrel, while U.S. West Texas Intermediate crude increased by 1.33%. However, the gains may be limited due to a decrease in Chinese refinery throughput and disappointing October factory data. Analysts predict that the oil market will be in surplus in the first quarter of next year.
Violent swing in oil price over the past 2 weeks shows that Wall Street has yet to decide on the implications of the Israel Hamas War. This video provides some predictions using a scenario analysis..
Oil prices increased slightly as Saudi Arabia and Russia confirmed that they would continue with voluntary oil output cuts until the end of the year. Brent crude... IndiaTimes
Saudi Arabia extends oil production cut; concerns over oversupply persist; US gas prices remain low; Brazil to join OPEC+; quotas set for Angola, Congo, and... IndiaTimes
Monday, 6 November 2023
![Israel Hamas War: 3 Likely Scenarios [Video]](https://video.newsserve.net/300/v/20231103/1698988589-Israel-Hamas-War-Likely-Scenarios.jpg)
