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Rich Asplund

Crude Extends Thursday's Rally on Report Russia Will Extend Its Export Cuts

Oil United States Russia China EIA Iran Vortexa

October WTI crude oil (CLV23) this morning is up +1.36 (+1.63%), and Oct RBOB gasoline (RBV23) is up +3.00 (+1.17%).

Crude oil prices this morning are moderately higher, with crude rising to a 9-1/2 month nearest-futures high. Crude prices extended Thursday's sharp gains on a report that Russia has agreed with OPEC+ on further output restrictions. Bloomberg News reported Thursday that Russia will announce next week that it has agreed with OPEC+ on further cuts in its oil exports into October. Russia has already announced a cut of 300,000 bpd of output cuts for September.

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