Saudi Arabia & Russia 'Bomb' the Oil Market!

<p>&nbsp;Crude oil continued to be driven higher following reports that Saudi Arabia and Russia will extend their voluntary production cuts until the end of the year.</p><p><br /></p><p>At the time of writing, Brent crude oil futures were trading firmer at $90.05 a barrel, having hit a high of $91.12 a barrel for the first time since November on Tuesday.</p><p><br /></p><p>Meanwhile, US WTI crude oil traded stronger at $86.70 a barrel, after hitting a new 10-month high of $88 a barrel in the previous session.</p><p><br /></p><p>Most recently, Saudi Arabia is reported to extend its voluntary oil production cut of 1 million barrels per day for another three months until the end of December 2023.</p><p><br /></p><p><br /></p><p>The report was followed by the statement of Russian Deputy Prime Minister Alexander Novak that the country will also continue to reduce its oil exports by 300,000 barrels per day until the end of this year.</p><p><br /></p><p>The market had already expected that the two main OPEC+ producers would extend the cuts, but the three-month extension was unexpected.</p><p><br /></p><p>This is in response to the significant price reaction shown in crude oil prices in the New York session yesterday after the report was released.</p>