Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week, an analyst said.
"Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said.Both benchmarks gained more than 4% last week to touch their highest marks since May, rising for a second straight week after the world's biggest oil exporters Saudi Arabia and Russia pledged to deepenSaudi Arabia will extend its 1 million barrels per day, or bpd, output cut into August and Russia will cut crude exports by 500,000 bpd.
, Russia will be using the crude to produce more fuel to meet domestic demand, a government source told Reuters on Friday.off the Egyptian Red Sea port of Ain Sukhna, is down by almost half to 10.5 million barrels from mid-June, according to data from oil analytics firm Vortexa as of July 7. Non-OPEC+ supply has been keeping up with global demand, JP Morgan analysts said in a note, adding that OPEC+ needs to deepen its cuts by another 700,000 bpd in the second half of the year on top of announced reductions and extend them into 2024.
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