Saudi Arabia and Russia announced a deal to extend oil production cuts until the end of 2023, further constricting supply and sending crude prices soaring.
TortoiseEcofin senior portfolio manager Rob Thummel discusses how China's economic woes could impact crude oil prices on 'The Claman Countdown.', announcing an agreement to continue scaling back production by 1 million barrels per day through the end of 2023.
West Texas Intermediate crude, the U.S. benchmark, climbed to more than $87 a barrel during late morning trading, the highest level since November 2022 when prices hit $92. Brent crude – the international benchmark – was up to about $88 a barrel, an 8.26% increase from the start of the year.INFLATION ROSE 3.2% IN JULY AS PRICES TICK HIGHER FOR FIRST TIME IN A YEAR
A view of a gas station as gas prices are at the highest level from last year in Virginia, United States on Aug. 16, 2023.
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