Oil Prices Inch Higher In Cautious Response To Saudi And Russian Cuts

Crude oil prices moved modestly higher in Asia pre-noon trade today following the news that Saudi Arabia would extend its voluntary oil production cuts through August. The Kingdom would produce some 9 million bpd of oil in August—the same level it aims for this month—and could further extend the reduction beyond August, the Saudi Press Agency reported earlier this week. On the same day, Russia announced it would cut its oil exports by half a million barrels daily next month. “As part of the efforts to ensure a balanced market,…