Oil prices were higher today as the Russian government is curbing oil output. Moscow has ordered companies to reduce oil output in the second quarter to meet a production target of 9 million bpd by the end of June, in line with its pledges to the producer group OPEC+, three industry sources said on Monday. “Russia is committed to the OPEC+ cuts. They are looking beyond the current supply and demand fundamentals and looking at unity with OPEC+, as well as the risk of a bigger price shock further down the road,” said Phil Flynn, analyst at Price Futures Group. Meanwhile in the middle east Yemen-based Houthi rebels have been ramping up attacks on ships traversing the Red Sea in support of Palestinians in Gaza. WTI traded up $1.32 or 1.64% to close at $81.95. Brent traded up $1.32 or 1.55% to close at $86.75.
