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Barchart
Barchart
Rich Asplund

Crude Sharply Higher on Report Russia Will Extend Its Export Cuts

Oil United States Russia EIA China Iran Vortexa

October WTI crude oil (CLV23) Friday closed up +1.92 (+2.30%), and Oct RBOB gasoline (RBV23) closed up +2.53 (+0.99%).

Crude oil prices Friday closed sharply 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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