Oil Prices Dip Despite Support from Russia and Saudi Arabia
Oil prices experienced a slight decline today, Tuesday, even though they are currently at their highest level since November 2022. This drop came after Russia and Saudi Arabia announced measures to bolster the oil market.
According to Bloomberg data, as of 10:25 Moscow time, US oil futures fell by 0.28% to $86.44 per barrel, while Brent oil futures dropped by 0.28% to $89.79 per barrel.
Yesterday, the price of black gold increased by approximately 2% following the announcements made by Russia and Saudi Arabia to support the oil market.
Moscow has declared its intention to prolong the reduction of oil exports by 300,000 barrels per day until the end of 2023.
Simultaneously, Saudi Arabia has decided to extend its voluntary reduction in oil production by one million barrels per day for an additional 3 months.
Source: RT+Bloomberg
