Crude oil futures traded higher on Friday morning as Saudi Arabia and Russia announced that they can pause or reverse voluntary production increases if they find market is not strong enough. At 9.53 am on Friday, August Brent oil futures were at $80.03, up by 0.20 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $75.75, up by 0.26 per cent. This decision had pushed the crude oil prices to four-month lows as the market feared an oversupply from higher production. China is a major consumer of crude oil in the global market. Also read: Crude oil marginally down as industry data show rise in US inventoryThe European Central Bank announced interest rate cut on Thursday.

Source: The Hindu June 07, 2024 13:52 UTC