Oil prices edged lower after Saudi and Russian crude output cuts driven prices to 10-month high

Oil prices edged lower yesterday after Saudi and Russian crude output cuts had driven prices to a 10-month high last week. Saudi Arabia and Russia have earlier announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day until the end of the



year.

 

In intra-day trade, Brent crude was trading at 90 dollars and 39 cents per barrel. West Texas Intermediate crude price was at 87 dollars and two cents per barrel when reports last came in.