Oil steadies as Saudi cut supports and focus turns to Fed
Oil steadied on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown. At an OPEC+ meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million barrels per day (bpd) in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices. Brent crude fell 8 cents, or 0.1%, to $76.87 a barrel by 0810 ...
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