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WTI crude rises above $80 with eyes on Saudi Arabia's voluntary production cut

Oil continues to benefit from swelling economic optimism and has made a quick move from $68 to $80.Earlier today it first rose above $80 before falling back to $79.03 on profit-taking and USD strength but it's regained its footing and is back near the highs of the day.The next big question is whether Saudi Arabia will prolong its 500,000 barrels per day voluntary production cut that's on top of mandatory OPEC+ cuts. I would have thought an extension is priced into the market (oil bulls are talki... Read More

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Posted: Jul 27 2023, 15:51

Author Name: forexlive

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