Oil prices rebounded slightly Friday after two weeks of steady declines.
Sep 1st 2023 at 8:45AM
Saudi Arabia is widely expected to extend a voluntary 1 million barrel per day oil production cut into October, prolonging supply curbs engineered by the Organization of the Petroleum Exporting Countries and allies, known collectively as OPEC+, to support prices. At 1209 GMT Brent crude was up $1.01, or about 1.2%, at $87.84 a barrel while U.S. West Texas Intermediate crude had risen 99 cents, also about 1.2%, to $84.62."We continue to expect cuts to be extended, with prices above US$90/bbl required to draw OPEC supply back to market," NationalThe appetite for oil in the United States has been robust, with commercial crude inventories declining in five of the most recent six weeks, according to surveys conducted by the U.S.
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