Oil prices were higher today as Russia announced a plan to cut output in response to Western sanctions and the EU price cap. Russia is saying they plan to reduce crude production by 500K bpd or 5% of their total output. Brent and WTI posted weekly gains of more than 8%. \u201cMost analysts have already penciled in Russian production falling by 700,000-900,000 in 2023,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth U.S. “The key for crude to break out of its current trading range is Chinese demand recovery.” Meanwhile, OPEC+ plans no further action after the Russian announcement. WTI traded up $1.66 or 2.1% to close at $79.72. Brent traded up 2.2% or $1.89 to close $86.39.<\/p>\n\n\n\n
Oil prices were higher today as Russia announced a plan to cut output in response to western sanctions and the EU price cap.<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-8726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n