Crude oil prices have so far held on to their gains from Monday despite the latest PMI reading for China, which showed a decline in March, suggesting hiccups along the way to recovery. Prices soared by more than 6% on Monday following an unexpected declaration by OPEC+ on Sunday that nine of its members will implement voluntary production cuts to the tune of 1.
16 million bpd. Saudi Arabia alone would reduce its output by 500,000 bpd, Riyadh said, and Russia would extend an earlier production cut of the same size until the end of the year. The additional…Oil Prices Retain Gains Despite Worrying Economic Data Out Of China
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