[ICYMI] Oil rises as Russia cuts output after Western price cap
Brent, the international benchmark, and its US counterpart WTI, which had been down earlier in the day, jumped more than two percent after Russian deputy prime minister Alexander Novak said production would be cut by 500,000 barrels per day, or five percent of output, in March."Crude prices reacted positively to the news, considering that so far Russian oil production has been relatively resilient," said UBS analyst Giovanni Staunovo.
Oil, already winning strong support in recent weeks from top consumer China's economic reopening from the pandemic, rebounded further on the news from Novak, who in charge of Moscow's energy policy. Having spent January optimistic that the days of central bank tightening would soon come to an end, traders have been brought back down to earth this month as they contemplate borrowing costs going higher and staying there longer than previously expected.London investors set aside news that the UK economy averted recession in the final three months of the year by registering zero growth after contracting in the prior quarter.
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