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At Close: Jun 03, 2026

Oil futures gain nearly 9% for the week

02:57pm, Friday, 10'th Feb 2023
Oil futures tallied a weekly gain, finding support Friday from Russia's plan to cut its oil output by 500,000 barrels per day in March after Western nations implemented price caps on its crude and cru
Crude oil markets have rallied during the week, as we continue to trade in the same range, we have been in for the last several months.
WTI oil is trying to settle above the $80 level, while Brent oil climbed back above $86.
Crude oil markets have rallied a bit during the trading session on Friday, as we have seen a lot of momentum, but at this point we are still within a trading range.
CNBC's Pippa Stevens joins ‘Squawk on the Street' to report on rising oil prices after Russia announced that it would cut oil output by 500,000 barrels per day in March.
The Kremlin said its decision was in response to Western price caps on Russian oil.
Russia's output cut follows through on earlier threats to retaliate against Western sanctions.
Jeff Currie, Goldman Sachs head of commodity strategy, joins 'Squawk Box' to discuss what commodity means, how investors can think about Russia's decision to cut oil production, and more.
Prices surge more than 2% on Friday and are on track to gain 8% this week.
Russia will reduce its oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday.
Crude prices jumped on Friday after Russia announced a retaliatory move against western price caps with a plan to reduce oil output by 500,000 barrels per day in March.
Crude oil markets have pulled back just a bit during the trading session on Thursday, as the 50-Day EMA has been very resistive.
A jump in U.S. oil inventories and a stronger U.S. Dollar are offsetting the optimism that had been building over recovering Chinese demand.
Oil futures traded slightly higher early Thursday after shaking off a seventh straight weekly rise in U.S. crude inventories during the previous session.
Oil edged up in early trade on Thursday, extending gains for a fourth consecutive day, as crude loading disruptions in Turkey and optimism over China's recovering demand continued to buoy sentiment.
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