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[ad_1] 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

[ad_1] Last Updated: July 12, 2023, 01:25 IST New York, United States of America (USA) A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. (Reuters File Photo) Oil prices surge 2% on falling dollar, demand hopes, and supply cuts. Brent settles at highest since April, WTI at highest since May Oil prices jumped on Tuesday, settling up about 2%, boosted by a falling U.S. dollar, hopes for higher demand in the developing world and supply cuts by the world’s biggest oil exporters. Brent futures rose $1.71, or 2.2%, to settle at $79.40 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.84, or 2.5%, to settle at $74.83. Brent’s settlement was its highest since April 28 and WTI’s since May 1. Brent was in technically overbought territory for the second time in three days. “The break of the recent high could be viewed as a bullish step that could give (Brent) the momentum to break back above $80," said Craig Erlam, a senior market analyst at OA

[ad_1] 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