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Apex Trader Funding (ATF) - News

Saudi Arabia and Russia are cutting oil supply again in bid to boost prices

Saudi Arabia and Russia are extending cuts to the amount of oil they pump to the world in a bid to prop up prices, showing how two of the world's largest oil producers are scrambling to boost income from the fossil fuel even as demand has weakened with the economy. The decision gave a slight boost to oil prices Monday and comes after the Saudis announced a large cut in output for July at the latest meeting of the OPEC+ coalition of oil producers — raising concerns that gasoline prices for U.S. drivers could start ticking up. The Saudi Energy Ministry said it would extend July's cut of 1 million barrels per day through August to support “the stability and balance of oil markets.”