WTI rises as US crude oil exports increase amidst OPEC+ cuts, yet economic headwinds loom – by christianborjon Oil WTI Energy
Extension of production cuts into August is expected to tighten the oil market further, analysts report.
That keeps WTI underpinned, alongside crude oil output cuts by Saudi Arabia and Russia, which extended its 1 million and 500,000 barrels per day cut to August. The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, gathered at an industry event on Wednesday and commented the cartel will keep its efforts to support a “stable and balanced oil market.”
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