Oil futures edged lower Wednesday, pulling back a day after ending at 2023 highs following the extension of supply cuts by Saudi Arabia and Russia, with U.S. prices looking to end their longest streak of gains since January.
Price action
Market drivers
Oil rallied Tuesday after Saudi Arabia announced it would extend a voluntary production cut of 1 million barrels a day through the end of the year, alongside the extension of a supply cut by Russia. WTI and Brent closed Tuesday at their highest since November.
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