Energy news

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Oil rebounds, gold edges higher

Oil quickly loses momentum despite output curbs Oil prices are rising again today after giving back all of Monday's early gains and more as the session progressed. Buoyed by the news of Saudi Arabia extending its voluntary one million barrel output cut by a month to August, alongside Russia cutting exports by 500,000 in the same month, Brent crude rallied more than 1% and looked on course to increase its winning streak to four sessions but that's not how it turned out. Now prices are rising agai

04-07-2023 10:53 GMT by Craig Erlam

Oil rises on Saudi on Russian cuts, gold moves higher

Saudi and Russian cuts no game-changer for oil Oil prices were rising for a fourth session, with output curbs from Saudi Arabia and Russia initially giving fresh momentum to the recent recovery. The Saudis announced a one-month extension to their voluntary one million barrel cut, taking the reduction to the end of August which was swiftly followed by Russia announcing that it will cut exports by 500,000 barrels per day next month. That the market rallied only a little over 1% on the announcement

03-07-2023 11:56 GMT by Craig Erlam