Oil Prices Falling Back But Set For Another Weekly Gain

Despite a dip earlier today, crude oil prices were set for another weekly gain following the announcement by Saudi Arabia and Russia they would extend their collective production cuts until the end of the year. Early in the week, Riyadh and Moscow said they would keep their production curb of 1.3 million bpd in place until December. Prices soared to the highest in almost a year. Since then, there has been a certain retreat, mostly on now chronic uncertainty about the resilience of Chinese demand and a strong U.S. dollar. The Chinese concern remained…