NEW YORK: Oil prices rose a dollar a barrel on Tuesday (Sept 5) to their highest since November, after Saudi Arabia and Russia extended their voluntar...
Oil prices rose a dollar a barrel on Tuesday to their highest since November, after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year, worrying investors about potential shortages during peak winter demand.
Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected. Both Saudi Arabia and Russia said they would review the supply cuts monthly, and could modify them depending on market conditions. Reflecting concerns about the short-term market supply, front month Brent and WTI contracts were also trading at their steepest premium since November to later-dated prices. This structure, called backwardation, indicates tightening supply for prompt deliveries.
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