{"id":45374,"date":"2023-08-07T08:19:41","date_gmt":"2023-08-07T12:19:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-hold-near-four-month-high-saudi-and-russian-cuts-may-be-working\/"},"modified":"2023-08-07T08:19:44","modified_gmt":"2023-08-07T12:19:44","slug":"oil-prices-hold-near-four-month-high-saudi-and-russian-cuts-may-be-working","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45374","title":{"rendered":"Oil Prices Hold Near Four-Month High. Saudi and Russian Cuts May Be Working."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000713051\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Oil prices hovered around the highest levels since April after racking up a sixth consecutive week of gains last week.<\/p>\n<p>Prices are being held up by a handful of factors. Saudi Arabia and Russia, two of the world\u2019s biggest producers, are promising to keep their output constricted. At the same time, signs that the U.S. economy is holding up and that the Federal Reserve may soon be finished raising interest rates are lifting the outlook for demand. There\u2019s also hope that China\u2019s economy picks up after a disappointing year so far.<\/p>\n<div class=\"paywall\">\n<p>West Texas Intermediate, the U.S. benchmark, slipped 0.3% to $82.55 a barrel in early Monday trading. Brent Crude, the international standard, was also 0.3% lower at $86.00. Both contracts have gained more than 10% over the past month.<\/p>\n<p>On Thursday, Saudi Arabia said it would extend its voluntary production cut of 1 million barrels a day through September. That\u2019s on top of the lower quotas agreed by the Organization of the Petroleum Exporting Countries as a whole. Russia, for its part, said it would cut exports by 300,000 barrels a day in September.<\/p>\n<p>Oil prices are still considerably lower than they were in the wake of Russia\u2019s invasion of Ukraine last year.<br \/>\n        Saudi Aramco<br \/>\n       (ticker: 2223.Saudi Arabia), the state-backed producer, on Monday said second-quarter profit had fallen by more than a third from the record levels seen in the same period of 2022.<\/p>\n<p>Write to Brian Swint at brian.swint@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/oil-crude-prices-aramco-saudi-opec-2d8c64f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices hovered around the highest levels since April after racking up a sixth consecutive week of gains last week. Prices are being held up by a handful of factors. Saudi Arabia and Russia, two of the world\u2019s biggest producers, are promising to keep their output constricted. At the same time, signs that the U.S. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":45375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-45374","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil Prices Hold Near Four-Month High. Saudi and Russian Cuts May Be Working. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil prices hovered around the highest levels since April after racking up a sixth consecutive week of gains last week. 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