Oil prices were higher today after Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts. “The announcement shows that Saudi has its shoulder to the wheel as it looks to tighten markets and increases prices,” John Kilduff, partner at Again Capital LLC in New York. The cuts could be extended into the first quarter of 2024 because of “seasonally weaker oil demand at the start of every year, ongoing economic growth concerns and the aim of producers and OPEC+ to support the oil market’s stability and balance”, said UBS strategist Giovanni Staunovo. A weaker dollar also helped prices today. Meanwhile refinery runs in the US and China are easing, weighing on prices. WTI traded up $.31 or .4% to close at $80.82. Brent traded up $.29 or .34% to close at $85.18.