Oil ticks upwards after Saudi Arabia, Russia stick to output cuts
Monday, 6 November 2023 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 futures rose to $85.44 a barrel, while US West Texas Intermediate crude increased to $81.14 a barrel. Both countries' decisions were in line with expectations. The market is expected to be in surplus in Q1 2022, but geopolitical risks and economic data from China could impact prices. In US, oil rigs fell by 8 to 496 last week.
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 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... 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)
