Higher Oil Prices Supported by Production Cuts

  • International
  • 8 August 2023
1

Oil prices rose in early trade on Tuesday, on supply concerns due to production cuts from Saudi Arabia and Russia.

Brent crude futures rose 37 cents, or 0.4 percent, to $85.71 a barrel, while U.S. West Texas Intermediate crude was at $82.37 a barrel, up 43 cents, or 0.5 percent.

Both contracts closed down about 1 percent in the previous session, as investors braced for weak demand from the world's two largest economies, China and the United States.

Source (Al-Arabiya.net Website, Edited)

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