Oil hit new peaks on Wednesday with Brent crude touching the highest price since April, as tighter supply owing to Saudi and Russian output cuts offset concerns over slow demand from China and a report showing rising U.S. crude inventories.Top exporter Saudi Arabia last week extended its voluntary production cut of 1 million barrels per day for another month to include September, and Russia said it would cut oil exports by 300,000 bpd in September.“The latest recovery is mainly driven by the pledge of major producers, like Saudi Arabia and Russia, to keep supply subdued for another month,” said Charalampos Pissouros, senior investment analyst at broker XM.Brent crude was up $1.00, or 1.2%, having touched $87.24, the highest price since April 13. U.S. West Texas Intermediate (WTI) crude gained 80 cents, or 1.0%, to $83.72. The U.S. benchmark touched $84.11, the highest price since November 2022.
https://www.cnbc.com/2023/08/09/oil-prices-slip-as-bearish-china-data-fuels-demand-concerns.html
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