HomeIndustriesOil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts

Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts

Oil prices rose on Monday after Saudi Arabia and Russia confirmed that they would sustain their oil cuts until the end of the year. U.S. West Texas Intermediate crude rose $1.07, or 1.33%, to $81.58 per barrel, while Brent crude futures were up $1.03, or 1.21%, to $85.92 a barrel.

A source at Saudi Arabia’s energy ministry revealed that the nation would maintain a cut of 1 million barrels per day (bpd) in December, bringing daily output down to around 9 million barrels. Russia is maintaining a cut of 300,000 bpd.

ING analysts believed that such cuts could continue next year. The analysts wrote in a note that the oil market will be in surplus during the first quarter of next year, “which may be enough to convince the Saudis and Russians to continue with cuts.” Observers are now looking to China, where refineries have eased their crude oil throughputs.

Robinhood Reports Record Profit Amid Soaring Crypto Revenue

Trading app Robinhood’s decision to introduce cryptocurrency transactions to its platform is paying off big time. The company shared its fourth-quarter earnings on Wednesday...

McDonald’s Reports Worse-Than-Expected Q4 Earnings Amid Drop in Sales

Fast food giant McDonald's shared its fourth-quarter earnings on Monday, which missed the mark on revenue and showed a worrying U.S. comparable sales drop. The...

Elon Musk is No Longer Interested in Buying TikTok

Tesla and SpaceX CEO Elon Musk is no longer interested in expanding his social media platform portfolio. Musk, who already owns X (former Twitter),...