Oil prices rise following Russia and Saudi Arabia production cuts
Los Angeles– Oil prices jumped to their highest level so far this year on Tuesday as Russia and Saudi Arabia extended production cuts through the end of 2023.
The global benchmark, Brent Crude, gained $1.04 to rise above $90. U.S. West Texas Intermediate crude (WTI) gained $1.14, rising to $87 per barrel, a 10-month high.
The moves by Saudi Arabia and Russia, the largest crude oil producers, takes roughly 1.3 million barrels per day off the global market.
The spike in oil prices also had an impact on the stock market as U.S. stocks traded mostly lower Tuesday.
