Oil prices were higher today as Saudi Arabia and Russia take steps to keep supplies tight into next month and maybe beyond. Diesel futures also rose about 2% to close at their highest since January 2023. A lack of big price moves in recent weeks has cut Brent’s historic or actual 30-day close-to-close futures volatility to its lowest since February 2022. OPEC+ ministers will on Friday meet to review the market. “We expect the (OPEC+) meeting to result in the producers’ group continuing the production cuts initially made at its Oct. 5 meeting, and increased on a voluntary basis at its April 3 and June 4 meetings,” analysts at ClearView Energy Partners, a research firm, said in a note. WTI traded up $2.06 or 2.6% to close at $81.55. Brent traded up $1.94 or 2.3% to close at $85.14.
