Saudi Arabia and Russia reaffirmed their commitment to additional voluntary cuts to crude oil supplies until the end of the year.
Oil rebounds more than 1% after major exporters confirmed cuts.
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He Petroleum bounces this Monday, November 6 after Saudi Arabia and Russia will reaffirm their commitment to additional voluntary cuts to crude oil supplies until the end of the year.
Crude oil futures West Texas Intermediate in the United States (WTI) It advances $1.08, or 1.3%, to $81.59. While the Brent rose 0.92 cents, or 1.1%, to $85.81.
The session’s rally comes after US futures Brent and of WTI They lost about 6% each in the last week.
Saudi Arabia and Russia reaffirmed voluntary cuts
Saudi Arabia confirmed on Sunday that will continue with its additional voluntary cut of 1 million barrels per day (bpd) in December to maintain production at around 9 million bpd, according to a source from the Ministry of Energy in a statement.
Russia It also announced that it will maintain its additional voluntary cut of 300,000 bpd in its crude and petroleum products exports until the end of December.
The analysts of ING They said in a note that the oil market will be in surplus in the first quarter of next year, “which may be enough to convince the Saudis and Russians to continue with the cuts”.
Source: Ambito
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