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Crude Higher on OPEC+ Expectations
Crude prices are starting the week on a softer footing after breaking out to their highest levels since November 2022 on Friday. The main driver behind the move is the bullish OPEC+ backdrop. On the back of recent production cuts, allied non-OPEC producer Russia noted that it will extend current supply controls through next month. The market now widely expects that Saudi Arabia will follow suit. With the two producers recently reducing supply by around 1.5% of total global daily output, oil sentiment has improved in recent months. With further cuts expected, oil prices look poised for further gains near-term. The USD ... (full story)