Oil Prices Rise as Saudi Arabia and Russia Cut Crude Output - News18
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Oil prices rose on Monday after key producers Saudi Arabia and Russia further cut crude output in a bid to protect their precious revenues, but quickly gave up their gains. Asian stock markets meanwhile advanced as easing inflation data fuelled hopes that central banks could be nearing the end of their interest rate hiking cycle. European stocks ended mostly lower and Wall Street stocks edged up to end a shortened trading session, with investor sentiment subdued on the eve of the Independence Day holiday in the United States. Data showing that the slump in US manufacturing continued for an eighth straight month in June, on the back of weak demand and slowing production, also dampened sentiment. Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut of one million barrels per day (bpd), while Moscow — whose invasion of Ukraine last year sparked oil market turmoil — said it was slashing exports by 500,000 b