Oil Heads for Solid Weekly Gain as Russia to Extend Export Cuts
- Details of Moscow’s move will be issued next week, Novak says
- US benchmark WTI trades above $83 a barrel after monthly climb
Oil headed for a weekly gain after Russia signaled that it would extend export curbs and US inventories dropped further.
West Texas Intermediate was steady above $83 a barrel, almost 5% higher this week. Moscow has agreed with OPEC+ partners on further cuts to exports, with details to be released next week, according to Deputy Prime Minister Alexander Novak. Traders expect a similar announcement from Saudi Arabia.
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Oil Heads for Solid Weekly Gain as Russia to Extend Export Cuts