Oil prices continued their gains on Monday, August 7, to touch their highest levels since mid-April, after Saudi Arabia and Russia, two of the major oil producers, pledged to continue cutting supplies for another month, aiming to continue balancing global markets and supporting prices.<\/p>\n\n\n\n
By 00:23 GMT, Brent crude futures rose 25 cents, or 0.3%, to $86.49 a barrel, while West Texas Intermediate crude futures rose 23 cents, or 0.3%, to $83.05 a barrel.<\/p>\n\n\n\n
The two raw materials recorded gains for the sixth consecutive week last week, which is the longest period of gains since December 2021 and January 2022.<\/p>\n\n\n\n
Prices have received support thanks to several factors in the past few weeks, including expectations of a reduction in the pace of US interest rate hikes, a reduction in OPEC + supplies, and hopes to stimulate a recovery in oil demand in China, the largest importer of crude in the world, after a slump in the second quarter.<\/p>\n\n\n\n
Saudi Arabia, the world’s largest oil exporter, on Thursday extended its voluntary production cuts by 1 million barrels per day until the end of September, and indicated it might extend them again or increase the amount of the reduction.<\/p>\n\n\n\n
The kingdom’s production in September will be around 9 million bpd.<\/p>\n\n\n\n
Russia also said on Thursday that it will cut oil exports by 300,000 barrels per day in September.<\/p>\n","protected":false},"excerpt":{"rendered":"
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