Oil Prices Surge on Supply Cuts and Anticipation of Post-Holiday Demand in US - News18
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Last Updated: July 06, 2023, 02:30 IST Saudi Arabia, the world's biggest crude exporter, on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August. (Photo: Reuters) U.S. West Texas Intermediate crude (WTI) rose $2 from Monday's close, or 2.9%, to settle at $71.79 a barrel U.S. crude oil gained about 3% on Wednesday, narrowing the price gap with global benchmark Brent in a post-holiday response to supply cuts announced on Monday by Saudi Arabia and Russia, as market participants awaited U.S. demand data for the Fourth of July weekend. U.S. West Texas Intermediate crude (WTI) rose $2 from Monday’s close, or 2.9%, to settle at $71.79 a barrel. Brent crude futures rose 40 cents, or 0.5%, to settle at $76.65 a barrel, after gaining $1.60 a barrel on Tuesday. There was no WTI settlement on Tuesday because of the U.S. holiday, so trade on Wednesday had it catching up with Brent’s gains the previous day. Both benchmarks hit their