Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil cuts on Monday, sending prices higher despite concerns over a global economic slowdown and possible further interest rate increases from the US Federal Reserve.
Russian Deputy Prime Minister Alexander Novak said Moscow would cut its oil exports by 500,000 barrels per day in August.
Saudi Arabia said it would extend its voluntary oil output cut of one million barrels per day for another month to include August, adding that the cut could be extended beyond that month. Brent crude futures were up 0.6%, or 43 cents, at $75.84 a barrel by 11:52 a.m. EDT . US West Texas Intermediate crude rose 0.6%, or 39 cents, to $71.03. During Friday's session, Brent 0.8% and WTI rose 1.1%.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Generally fair weather to prevail over PH on Monday due to high-pressure area, easterliesThe country is expected to experience generally fair and warm weather on Monday, due to the ridge of a HPA and the easterlies with chances of rain showers due to localized thunderstorms, according to the Pagasa. | FArgosinoINQ
Read more »
CIA says Russia is a recruiting opportunity as disaffection with war risesU.S. CIA Director William Burns said on Saturday that disaffection in Russia with the war in Ukraine was a once-in-a-generation opportunity to recruit spies – and that his agency was not letting it go to waste. | Reuters
Read more »
Moscow says 700,000 children from Ukraine conflict zones now in RussiaRussia has brought some 700,000 children from the conflict zones in Ukraine into Russian territory, Grigory Karasin, head of the international committee in the Federation Council, Russia’s upper house of parliament, said late on Sunday. | Reuters
Read more »
Ukraine’s Zelensky says ‘serious threat’ remains at Zaporizhzhia nuclear plantUkrainian President Volodymyr Zelensky warned on Saturday that a “serious threat” remained at the Russian-occupied Zaporizhzhia nuclear power plant and said Russia was “technically ready” to provoke a localized explosion at the facility. | Reuters
Read more »
What Sweden’s submarines bring to NatoWhen Sweden joins Nato, it will help the alliance redress its vulnerability in northwest Europe – the Baltic Sea, a shared waterway with Russia with a bottleneck for access to ports in eight states including Germany. | Reuters
Read more »