© Reuters. An employee of the Saudi Aramco oil company walks near one of the company’s oil tanks at the Ras Tanura refinery in a photo from the Reuters archive.
SINGAPORE (Reuters) – It rose in early trade on Tuesday, as supply concerns fueled by production cuts from and Russia supported the market.
Brent crude futures rose 37 cents, or 0.4 percent, to 85.71 a barrel by 0010 GMT.
US 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.
“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 could extend the cut beyond that or cut production further after September.
Russia also said it would cut its oil exports by 300,000 barrels per day in September.
(Prepared by Mahmoud Salama for the Arabic Bulletin)
2023-08-08 01:00:00
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