11/6/2023, 9:40 AM (Source: TeleTrader)
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Oil prices rise as S. Arabia, Russia reaffirm output cuts

Crude prices climbed on Monday after Saudi Arabia and Russia reaffirmed their commitment to reduce oil production until the end of the year, seemingly fueling concerns about the commodity's supply ahead of the heating season.

Therefore, Saudi Arabia's crude output will be lowered by 1 million barrels per day, while Russia will scale down production by 300,000 barrels a day. The supply uncertainty was further exacerbated by the growing tensions in the Middle East.

West Texas Intermediate (WTI) for December settlements added 1.48% to sell at $81.62 a barrel at 03:31 am ET. Brent for January contracts climbed 1.25% to $85.96 per barrel.

Baha Breaking News (BBN) / AB