Oil Rises With Inventory Draws Expected in Wake of OPEC+ Cuts

Saudi minister says Russia export cuts will be meaningful
Brent settled above $76/bbl after low-volume holiday sessions

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WATCH: US oil prices still holding onto gains as traders weigh the impact of additional production cuts announced earlier this week. Source: Bloomberg

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By Julia Fanzeres

July 4, 2023 at 11:31 PM UTC

Updated on

July 5, 2023 at 7:20 PM UTC

This article is for subscribers only.

Oil rose as traders weighed Saudi Arabian and Russian production cuts after a slew of low-volume trading sessions.

The two OPEC+ linchpins announced their latest batch of curbs on Monday, with a supply-cut extension by Riyadh and a fresh pledge to reduce production from Moscow. Brent settled above $76 a barrel while WTI rallied, catching up with the global benchmark after a US holiday on Tuesday.

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