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WTI crude oil climbs $2 as OPEC sticks to its word

Oil is riding a strong risk mood and signs that OPEC+ members are following through on their pledged output cuts. The cuts took effect from May 1 but early signs showed high exports from Russia and many were skeptical they would play along, creating a risk of a fracturing cartel. Today though, Russian energy minister Novak confirmed that they've cut production and secondary data is also showing slowing production.RBC also argues that Saudi Arabia could come in under quota: Saudi crude production... Read More

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Posted: May 17 2023, 17:33

Author Name: forexlive

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