Russian Deputy Prime Minister Alexander Novak announced on Monday that Russia will decrease its oil output by 500,000 barrels per day (bpd) in August “to ensure market balance.” He said Russia intends to cut its exports after reports that Saudi Arabia will extend its own voluntary cuts for another month. In late June, Russian President Vladimir Putin extended measures prohibiting the sale of oil to states on the list of “unfriendly countries” following the implementation of a cap on Russian oil by Ukraine’s Western allies.
Oil up over 1% amid Russian, Saudi output cut talk
Crude futures climbed more than 1% on Monday as investors digested news that Russia and Saudi Arabia will cut production in August. Russian Deputy Prime Minister Alexander
Novak said his country will lower its output by 500,000 barrels per day (bpd) next month, while media reports suggested Riyadh will extend its voluntary putout cuts of 1 million bpd for another month.
International benchmark Brent for settlements in September rose 1.42% to sell for $76.49 per barrel at 5:44 am ET and West Texas Intermediate (WTI) for August delivery jumped 1.44% to $71.66 per barrel. NN: BlackMask Pod Cast:
It looks like a upside breakout to me
