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Growth of oil prices speeds up amid statements by Novak, Saudi Arabia

It is reported that as of 12:40 p.m. Moscow time, the Brent price was up by 1.88% at $76.58 per barrel

MOSCOW, July 3. /TASS/. The growth of oil exchange prices has sped up, according to trading data. The dynamics followed a statement made by Russian Deputy Prime Minister Alexander Novak that Russia would voluntarily cut supplies to oil markets by 500,000 barrels per day in August 2023, as well as Saudi Arabia’s statement on extension of its voluntary oil output reduction by 1 mln bpd planned for July to August.

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As of 11:32 a.m. Moscow time, the price of futures contracts of Brent crude oil for September 2023 delivery was down by 0.56% at $74.75 per barrel on London's ICE, while the price of futures contracts of WTI crude oil for August 2023 delivery was down by 0.62% at $69.96 per barrel.

As of 12:12 p.m., the price of Brent oil was in the positive territory reaching $76.6 per barrel (+1.9%), while the price of WTI futures was up by 1.79% at $71.66 per barrel.

Following statements by Novak and Saudi Arabia, as of 12:40 p.m., the Brent price was up by 1.88% at $76.58 per barrel, while the price of WTI futures was up by 1.86% at $71.7 per barrel.

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Saudi Arabia Alexander Novak

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