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Crude Gains as Russia Agree Actions with OPEC+; Details Next Week

OIL

Crude markets extend gains after headlines suggesting Russian have agreed on further actions with OPEC+ and will announce further steps next week.

  • Crude markets were already trading up on the day with expectation that Saudi Arabia will soon extend the 1mbpd production cut into October.
    • Brent NOV 23 up 1.5% at 86.52$/bbl
    • WTI OCT 23 up 2% at 83.23$/bbl
    • WTI-Brent up 0.53$/bbl at -3.71$/bbl
    • Brent NOV 23-DEC 23 up 0.09$/bbl at 0.58$/bbl
    • Brent DEC 23-DEC 24 up 0.39$/bbl at 5.37$/bbl

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