Brent climbs 1.5% as Russia and Saudi Arabia adhere to production cuts

Economies.com
2023-11-06 13:41PM UTC

International benchmark Brent rose 1.5% on Monday, resuming recovery from four-month lows after both Saudi Arabia and Russia asserted their commitment to voluntary crude production cuts until the end of the year.

 

The gains are also boosted by the dollar's decline against a basket of major rivals, making dollar-denominated commodities cheaper to holders of other currencies. 

 

Brent Price Today

 

Brent crude rose 1.5% to $86.41 a barrel, with a session-low at $84.96, after losing 2.1% on Friday, the fourth loss in five days, marking four-week lows at $84.61.

 

The international benchmark lost 4.1% last week amid concerns about global demand, especially in Europe and China.

 

Saudi and Russian Cuts

 

The Saudi Energy Ministry issued a statement asserting its commitment to voluntary production cuts amounting to a million bpd through December, maintaining Saudi output at 9 million bpd. 

 

Simultaneously, Russia also asserted its adherence to production cuts amounting to 300 thousand bpd until the end of December.

 

The Dollar

 

The dollar index fell 0.25% on Monday, sharpening losses for the fourth straight session, marking a two-month trough at 104.85 against a basket of major rivals.

 

Such a decline came following disappointing US labor sector data, which hurt chances of another Federal Reserve interest rate hike in December.

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