WTI crude futures rose above $83, supported by speculative orders. after the price fell yesterday
At 7:07 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in September. Which traded on the NYMEX plus $ 0.32, or 0.39%, to $ 83.14 / barrel.
WTI oil prices plummeted nearly 2% yesterday amid concerns about a slowdown in China’s economy. which is the world’s largest oil importer
However, oil prices are still supported by the tight oil situation in the market.
The Saudi Cabinet issued a statement supporting the measures of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus in stabilizing the oil market
OPEC+’s Joint Ministerial Review Committee (JMMC) held a videoconference meeting last week. The meeting decided to maintain the production policy of OPEC Plus as agreed in June.
The decision at the JMMC meeting resulted in OPEC Plus reducing total output by 3.66 million barrels per day until the end of 2024.
In addition, Saudi Arabia and Russia announced cuts in oil supply in the market. Saudi Arabia has extended its voluntary cut of 1 million barrels per day of oil production until the end of September. While Russia will cut oil exports by 300,000 barrels per day in September.
2023-08-11 12:19:52
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