Oil prices increased on Thursday on expectations that Russia will cut its oil exports more than previously announced. International benchmark Brent crude traded at $80.79 per barrel at 9:35 a.m. lo…
Oil prices increased on Thursday on expectations that Russia will cut its oil exports more than previously announced.
At the same time, American benchmark West Texas Intermediate traded at $74.14 per barrel, a 0.26 percent rise after the previous session closed at $73.95 a barrel.Russia is expected to cut oil production by 500,000 barrels per day in March, but reports indicate that the country may cut supply even further.
The OPEC+ group also plans to reduce its oil production targets by 2 million barrels a day until the end of 2023, further limiting available oil supply globally.
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