Western Texas Intermediate (WTI), the US crude oil benchmark, snaps a two-day winning streak. Spot price trades lower around $87.20 during the early t
rading hours in the European session on Thursday. The Crude oil prices experienced upward support due to further decline in US crude oil stock and the supply cut by OPEC+.
In addition, Saudi Arabia and Russia, two of the world's largest oil-exporting countries, have announced their intention to extend oil production cuts for the entirety of 2023. These measures have bolstered the prices of black gold. It's important to note that this production cut will bring Saudi Arabia's crude output closer to 9 million barrels per day for the upcoming months through the year 2023, and it will undergo monthly reviews.
Investor confidence continues to be restrained due to ongoing concerns about the worsening economic situation in China and the persistent trade tensions between China and the
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