{"id":81312,"date":"2023-11-06T13:14:14","date_gmt":"2023-11-06T18:14:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-climb-as-saudi-arabia-russia-confirm-extension-of-output-cuts\/"},"modified":"2023-11-06T13:14:17","modified_gmt":"2023-11-06T18:14:17","slug":"oil-prices-climb-as-saudi-arabia-russia-confirm-extension-of-output-cuts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81312","title":{"rendered":"Oil prices climb as Saudi Arabia, Russia confirm extension of output cuts"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002695389\" role=\"document\">\n<p>Oil futures rose Monday after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of December, while investors continue to monitor the Israel-Hamas war for potential spillovers that could affect crude supplies.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for December delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+1.81%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+1.81%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"positive\">+1.81%<\/bg-quote><br \/>\n       rose $1.17, or 1.4%, to $81.68 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      January Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+1.54%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"positive\">+1.54%<\/bg-quote><br \/>\n       gained $1.21, or 1.4%, to $86.10 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      December gasoline<br \/>\n        RBZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376535\/delayed\" class=\"positive\">+2.62%<\/bg-quote><br \/>\n       tacked on 1.8% to $2.2397 a gallon, while December heating oil<br \/>\n        HOZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376454\/delayed\" class=\"positive\">+1.53%<\/bg-quote><br \/>\n       added 0.9% to $2.9494 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for December delivery<br \/>\n        NGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210195288\/delayed\" class=\"negative\">-7.45%<\/bg-quote><br \/>\n       traded at $3.293 per million British thermal units, down 6.3%. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Saudi Arabia on Sunday confirmed it would extend a production cut of 1 million barrels a day, which first took effect in July. In\u00a0a statement\u00a0citing an Energy Ministry official, Saudi Arabia said it would extend the cut through next month, affirming a September announcement that had said it would keep the cut in place through the end of 2023. <\/p>\n<div class=\"paywall\">\n<p>\u201cWeaker economic expectations have weighed on crude prices recently, which has contributed to prices pulling off their highs and, arguably, once again justified the positions of OPEC+ nations in cutting supply,\u201d Craig Erlam, senior market analyst at OANDA, said in market commentary. <\/p>\n<p>However, he added, \u201cit\u2019s not a question of whether the two countries keep to end-of-year targets, but whether they extend them\u201d beyond that time frame.<\/p>\n<p>The Saudi statement said the kingdom\u2019s production would be approximately 9 million barrels a day in December. Russia on Sunday reportedly said\u00a0it would also extend a cut of 300,000 barrels a day through the end of December.<\/p>\n<p>\u201cOur oil balance shows that the market will be in surplus in [the first quarter of 2024], which may be enough to convince the Saudis and Russians to continue with cuts through the seasonally weaker demand period of [the first quarter],\u201d Warren Patterson and Ewa Manthey, commodity strategists at ING, said in a note.<\/p>\n<p>WTI declined 5.9% last week, while Brent fell 4.8% \u2014 the second straight weekly decline for both grades as fears over a widening of the Israel-Hamas war appeared to fade.<\/p>\n<p>Crude had rallied following the start of the war on fears that a wider conflict could see the U.S. more heavily enforce sanctions on Iranian crude exports, while a worst-case scenario could see Iran or its proxies threaten key transportation chokepoints and infrastructure in the region.<\/p>\n<p>Natural-gas futures, meanwhile, headed sharply lower in Monday dealings after posting a 0.9% gain for last week.  <\/p>\n<p>Prices for the commodity have fallen back \u201cas temperatures seem to be warming just a bit,\u201d Phil Flynn, senior market analyst at the Price Futures Group, said in a daily note. \u201cStill, the fundamental outlook for winter could be very interesting especially if winter is colder than normal. Look to buy breaks.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-rise-after-saudi-arabia-russia-extend-production-cuts-3f899053?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures rose Monday after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of December, while investors continue to monitor the Israel-Hamas war for potential spillovers that could affect crude supplies. Price action West Texas Intermediate crude for December delivery CL00, +1.81% CL.1, +1.81% CLZ23, +1.81% rose $1.17, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-81312","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 climb as Saudi Arabia, Russia confirm extension of output cuts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures rose Monday after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of December, while\" \/>\n<meta name=\"robots\" content=\"index, follow, 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