Oil prices have weakened recently, mostly on the back of equally weak economic data from the two largest markets for oil.
OPEC+ still has a positive outlook for growth in oil demand, despite the headwinds faced by the global economy, as it prepares for its next ministerial meeting.
Oil fell below US$80 a barrel for the first time in more than two months as fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s supply cuts.
Brent crude futures rose 55 cents, or 0.65%, to US$85.44 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude was at US$81.14 a barrel, up 63 cents, or 0.78%
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Saudi Arabia and Russia, the key OPEC+ partners, will be keeping their oil supply cuts in November despite the recent crude oil price rally.
The Ministry of Energy said on Wednesday that Islamabad was ascertaining facts after Russia’s embassy in the country tweeted that Moscow had made its first Liquefied Petroleum Gas (LPG) delivery to Pakistan.
Russia’s temporary ban on diesel and gasoline exports—while intended to address domestic shortages and soaring prices—could exacerbate an already tight global diesel market and drive crude and middle distillate prices higher ahead of the winter.
Russia’s recent decision to restrict its diesel and gasoline exports has pushed oil prices higher, countering economic concerns sparked by the Fed’s recent reiteration of its “higher for longer” interest rate policy.
Russia is set to generate higher revenues from oil exports this year despite the price cap imposed on the country by the G7 and EU in response to the country’s invasion of Ukraine.