-
Oil Steady Near Nine-Month High After OPEC+ Extends Supply Cuts
Oil steadied near the highest since November after OPEC+ leaders Saudi Arabia and Russia announced that they would extend supply curbs through the end of the year, tightening the global market. West Texas Intermediate traded near $87 a barrel after the twin announcements on Tuesday, which drove a 1.3% gain. While traders had anticipated the volume of the cuts, the duration was unexpected. The strategy from Riyadh and Moscow will help to drain inventories further, while widening the market’s underlying timespreads. The gap between WTI’s two nearest December contracts has surged to the most since mid-2022. Oil has ... (full story)