04:37
04:37
More Videos
Oil prices remain steady at four-month high
Oil prices edged down on Monday but remained at four-month highs, after top producers Russia and Saudi Arabia extended supply cuts. Global benchmark Brent traded at around 86-dollars per barrel while US West Texas Intermediate hovered close to 83-dollars per barrel. Both measures capped their sixth weekly gain last week-- the longest winning streak since January 2022 amid tightening supplies. On Thursday, Riyadh extended its voluntary production cut of 1 million barrels per day for another month, adding that it could be extended or deepened further, in a bid to shore up prices. The kingdom's state oil company Aramco reported a near 38-percent drop in second quarter profits to 30-billion dollars-- reflecting weaker prices. The world's second largest producer Russia also announced it would cut oil exports by 300-thousand barrels per day in September.
More Videos