WTI futures $80.01 up $1.95; Brent $86.54 up $2.04.
From OilPrice, February 10:
- Oil prices spiked on Friday morning as Russia announced plans to cut its oil production by 500,000 bpd in March.
- Oil prices had been under pressure in the second half of the week as the Fed signaled it would continue with rate hikes and Chinese demand failed to impress.
- Oil prices are now on course for a 10% weekly gain, and the return of Chinese demand will only add to bullish sentiment
Oil prices spiked on Friday morning as Russia announced plans to cut its oil production by 500,000 bpd in March. The plans were a response, according to Deputy Prime Minister Alexander Novak, to western price caps.
Crude oil prices were already set to end the week with an overall gain, although in the second half of the week the price climb began to fizzle out as the Fed signaled it would continue with rate hikes and Chinese demand had failed to impress.
The announcement by Russia means oil prices are now set for a significant gain this week. West Texas Intermediate has climbed nearly 10% since the start of the week even though it had slipped below $78 per barrel in early Asian trade....
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