The price of oil is inching higher after production cuts from two of the world's largest exporters.
Saudi Arabia extended its one million barrel per day supply cut for August, as Russia reduced its output by 500,000 barrels per day for next month. The supply reduction comes amid a concerted effort from both OPEC+ nations to revive slumping oil prices.Speaking with BNN Bloomberg on Tuesday, Hussein Allidina, managing director and head of commodities with TD Asset Management, says the macro environment is overshadowing the micro on oil.
“I think the way the oil market is trading, it’s anticipating this weakness,” said Allidina. “It seems to me if we don’t get this weakness, the lower price encourages less supply, encourages more demand.”
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