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Saudi Cut Extension Sparks Crude Jump

OIL

Crude prices jump on headlines that Saudi is to extend its 1mn bpd voluntary cut until the end of the year. It was previously set to run until the end of August though the door was left open for potential extensions.

  • SAUDI ARABIA WILL EXTEND ITS VOLUNTARY CUT UNTIL THE END OF DECEMBER 2024 -MINISTRY OF ENERGY – Reuters
  • Crude markets had faced weakness this morning prior to the headline on weak Chinese economic sentiment and a return in Libyan production.
  • Brent SEP 23 up 0.6% at 80.34$/bbl
  • WTI AUG 23 up 0.5% at 75.81$/bbl

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