Oil prices rise for third week on OPEC+ cut and inventory declines.
TL;DR Summary
Oil prices are set to extend gains for a third consecutive week after OPEC+ surprised the market with a production cut, despite concerns about a global economic slowdown. However, negative economic data from the US and China has capped the initial rally. The bullish momentum may have paused, but upside potential remains given the tightening supply backdrop, according to PVM broker Stephen Brennock.
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