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Oil ticks upwards after Saudi Arabia, Russia stick to output cuts
Oil prices increased slightly as Saudi Arabia and Russia confirmed that they would continue with voluntary oil output cuts until the end of the year. Brent crude futures rose to $85.44 a barrel, while US West Texas Intermediate crude increased to $81.14 a barrel. Both countries' decisions were in line with expectations. The market is expected to be in surplus in Q1 2022, but geopolitical risks and economic data from China could impact prices. In US, oil rigs fell by 8 to 496 last week.
Oil prices increased slightly as Saudi Arabia and Russia confirmed that they would continue with voluntary oil output cuts until the end of the year. Brent crude futures rose to $85.44 a barrel, while US West Texas Intermediate crude increased to $81.14 a barrel. Both countries' decisions were in line with expectations. The market is expected to be in surplus in Q1 2022, but geopolitical risks and economic data from China could impact prices. In US, oil rigs fell by 8 to 496 last week. 
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