Saudi, Russia supply cuts fuel crude oil price

Cut in crude oil supply by Saudi Arabia and Russia yesterday sent prices higher, offsetting nagging concerns about global demand growth amid high-interest rates.

Both front-month benchmark prices snapped a 7-week winning streak last week to post a weekly loss of 2% after the U.S. dollar strengthened on the possibility interest rates could remain higher for longer, with China’s property crisis adding to concerns about its sluggish economic growth and oil demand.

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