Advertisements

WTI crude oil futures rise sharply on Saudi, Russian output cuts

by yang qian

On July 6th, the WTI crude oil futures contract rose 3.1%, near the top of the narrow range of fluctuations in several weeks.

Spartan Capital analyst Peter Cardillo said oil prices rose yesterday after European markets were higher after Russia and Saudi Arabia extended production cuts for a month.

Advertisements

Today’s rally is technical and short covering is the main reason.

Advertisements

However, economic indicators contracted further in some regions, reviving demand concerns.

Advertisements
Advertisements
Advertisements

You may also like

oftrb logo

Oftrb.com is a comprehensive energy portal, the main columns include crude oil prices, energy categories, EIA, OPEC, crude oil news, basic knowledge of crude oil, etc.

【Contact us: [email protected]

© 2023 Copyright oftrb.com – Crude Oil Market Quotes, Price Chart live & News [[email protected]]