{"id":82266,"date":"2023-11-08T16:51:49","date_gmt":"2023-11-08T21:51:49","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-end-higher-as-saudi-arabia-russia-confirm-extension-of-output-cuts\/"},"modified":"2023-11-08T16:51:52","modified_gmt":"2023-11-08T21:51:52","slug":"oil-prices-end-higher-as-saudi-arabia-russia-confirm-extension-of-output-cuts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82266","title":{"rendered":"Oil prices end higher 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 finished Monday with a modest gain after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of December.<\/p>\n<p>Investors continued to monitor the Israel-Hamas war for potential spillovers that could affect crude supplies.<\/p>\n<div class=\"paywall\">\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=\"negative\">-2.29%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-2.29%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"negative\">-2.29%<\/bg-quote><br \/>\n       rose 31 cents, or 0.4%, to settle at $80.82 a barrel on the New York Mercantile Exchange after trading as high as $82.24.<\/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\">+0.33%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"positive\">+0.33%<\/bg-quote><br \/>\n       gained 29 cents, or 0.3%, to $85.18 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=\"negative\">-1.42%<\/bg-quote><br \/>\n       tacked on 1.6% to $2.24 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=\"negative\">-3.10%<\/bg-quote><br \/>\n       added 1% to $2.95 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\">-0.25%<\/bg-quote><br \/>\n       settled at $3.26 per million British thermal units, down 7.1%. <\/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<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, settled sharply lower Monday 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>This week, the Energy Information Administration is scheduled to release its monthly Short-term Energy Outlook report on Tuesday.<\/p>\n<p>However, the weekly U.S. petroleum-supply report which is usually released on Wednesdays, as well as the natural-gas supply data normally issued on Thursdays, will be delayed, due to a planned systems upgrade, the EIA has said. <\/p>\n<p>The separate supply reports on petroleum and natural gas, covering two weeks of data, will be released on Nov. 15 and Nov. 16, respectively.<\/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=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished Monday with a modest gain after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of December. Investors continued to monitor the Israel-Hamas war for potential spillovers that could affect crude supplies. Price action West Texas Intermediate crude for December delivery CL00, -2.29% CL.1, -2.29% CLZ23, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-82266","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures finished Monday with a modest gain after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=82266\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Oil futures finished Monday with a modest gain after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=82266\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-08T21:51:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-08T21:51:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1683632911_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=82266#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=82266\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts\",\"datePublished\":\"2023-11-08T21:51:49+00:00\",\"dateModified\":\"2023-11-08T21:51:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=82266\"},\"wordCount\":578,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=82266#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=82266\",\"url\":\"https:\/\/ifintechworld.com\/?p=82266\",\"name\":\"Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-08T21:51:49+00:00\",\"dateModified\":\"2023-11-08T21:51:52+00:00\",\"description\":\"Oil futures finished Monday with a modest gain after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=82266#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=82266\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=82266#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts | iFintechWorld","description":"Oil futures finished Monday with a modest gain after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=82266","og_locale":"en_US","og_type":"article","og_title":"Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts | iFintechWorld","og_description":"Oil futures finished Monday with a modest gain after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of","og_url":"https:\/\/ifintechworld.com\/?p=82266","og_site_name":"iFintechWorld","article_published_time":"2023-11-08T21:51:49+00:00","article_modified_time":"2023-11-08T21:51:52+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1683632911_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=82266#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=82266"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts","datePublished":"2023-11-08T21:51:49+00:00","dateModified":"2023-11-08T21:51:52+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=82266"},"wordCount":578,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=82266#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=82266","url":"https:\/\/ifintechworld.com\/?p=82266","name":"Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-08T21:51:49+00:00","dateModified":"2023-11-08T21:51:52+00:00","description":"Oil futures finished Monday with a modest gain after Saudi Arabia and Russia, as expected, confirmed they would extend production cuts through the end of","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=82266#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=82266"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=82266#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/82266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=82266"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/82266\/revisions"}],"predecessor-version":[{"id":82267,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/82266\/revisions\/82267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/6182"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=82266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=82266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=82266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}