Oil prices soar as Saudi Arabia and Russia commit to extended supply cuts

BAGHDAD, August 7 — Oil prices continued their gains on Monday, reaching their highest levels since mid-April, after Saudi Arabia and Russia pledged to continue supply cuts for another month in order to maintain market balance and support prices.

By 00:23 GMT, Brent crude futures rose 25 cents or 0.3% to $86.49 per barrel, while West Texas Intermediate (WTI) crude futures increased 23 cents or 0.3% to $83.05 per barrel.

Both crude benchmarks recorded gains for the sixth consecutive week, marking the longest winning streak since December 2021 and January 2022.

Oil prices have been supported by several factors in recent weeks, including expectations of a slower pace of U.S. interest rate hikes, OPEC+ supply cuts, and hopes for a rebound in oil demand in China following a setback in the second quarter.