Oil shoots higher as Saudi extends output cuts till September; Brent at $84/bbl
Oil prices snapped its tow-day losing streak and jumped higher on August 3 after Saudi Arabia extended its voluntary one million barrel per day (bpd) output cut by another month to the end of September.
Brent crude futures were up 76 cents to $83.96 a barrel, while US West Texas Intermediate crude was 83 cents higher at $80.32. Both benchmarks rose by more than $1 earlier in the session.
Earlier this week, oil prices hit three-month highs, as tighter supplies and rising demand outweighed concern that interest rate hikes and stubborn inflation could deter economic growth.
Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for an August 21 expiry, were last trading higher by 2.15 per cent at ₹6,697 per bbl, having swung between ₹6,518 and ₹6,714 per bbl during the session so far, against a previous close of ₹6,556 per barrel.
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Updated: 03 Aug 2023, 08:42 PM IST
