Western Texas Intermediate (WTI) oil price continues to lose ground for the third consecutive week, trading lower around $83.23 per barrel during the
Crude oil prices lose ground due to the solid performance of the US Dollar. Improved US Treasury yields are providing support for the Greenback as it recovers from intraday losses.
reaffirmed the joint commitment of Saudi Arabia and Russia to maintain their voluntary supply cut, but it failed to boost oil prices. Western Texas Intermediate oil pricecontinues to lose ground for the third consecutive week, trading lower around $83.23 per barrel during the European trading session on Thursday. The drop in Crude oil prices could be attributed to the recent surge in the US Dollar . US Dollar Index recovers its intraday losses, supported by the recovery in US bond yields.
Joint Ministerial Monitoring Committee online meeting on Wednesday, the group kept the output policy unchanged. and its allies reiterated the joint Saudi-Russian vow to continue its voluntary supply cut of at least 1.3M barrels a day from the two nations' daily output through the end of the year. Kuwait's oil minister Saad Al Barrak mentioned on Wednesday that balancing supply and demand are leading the oil market in a favorable direction, while Deputy Prime Minister of Russia, Alexander Novak also stated that joint supply cuts have helped to balance oil markets.
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