- WTI jumps toward $81.00; Saudi Arabia to extend voluntary production cut
Market news
3 August 2023
WTI jumps toward $81.00; Saudi Arabia to extend voluntary production cut
- Saudi Arabia announced that it will extend its voluntary production cut through September.
- Crude oil prices rebounded and turned positive following the announcement.
- WTI rose towards $81.00, gaining more than 1%.
Crude oil prices rebounded from their weekly lows after Saudi Arabia announced that it will extend the voluntary cut of one million barrels per day for another month. The Ministry of Energy informed that it could be extended or extended and deepened.
Market reaction:
Following the announcement, the West Texas Intermediate (WTI) crude oil price per barrel surged from $79.00 to $80.85 and was trading around $80.50, indicating a gain of roughly 1.75% for the day. This rebound occurred after a sharp decline on Tuesday.
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