Oil prices up but Saudi’s production cuts may backfire
- Date: 09-Jul-2023
- Source: Al Bawaba
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil prices up but Saudi’s production cuts may backfire
ALBAWABA – Oil prices rose Friday through Sunday, news agencies reported, but Saudi Arabia’s decision to extend its oil production cuts through August may trigger an economic contraction in the Kingdom’s economy, Bloomberg anticipates.
Brent futures rose $1.95 on Friday to settle at $78.47 a barrel, while West Texas Intermediate crude (WTI) rose $2.06 to settle at $73.86, according to Reuters.
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