08 Sep, 23

Supply Cuts Boost Oil Prices But Economic Concerns Limit Gains

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A slew of bullish and bearish factors have battled for dominance in the oil market this year as OPEC+ efforts to tighten the market have run up against concerns about global economic growth.    For most of the first half of this year, prices were trading in a relatively narrow range of $70-$80 per barrel until the extra Saudi production cuts on top of OPEC+ reductions lifted market sentiment and oil prices higher in July and August, and to a year-2023 peak of over $90 a barrel this week after Saudi Arabia and Russia extended their respective…

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