Global oil prices rose today, Wednesday, supported by China's commitment to bolster economic growth, reduced Russian supplies, and a weekly decline in U.S. crude oil inventories. Brent crude futures increased by nine cents, or 0.1%, to $79.72 per barrel by 00:10 GMT, while West Texas Intermediate (WTI) crude remained steady at $75.75 per barrel.
The National Development and Reform Commission in China pledged on Tuesday to implement policies to "boost and expand" consumption in the world’s second-largest economy as consumer purchasing power continues to weaken.
The Russian Ministry of Energy announced that it would "cut its oil exports by 2.1 million tons in the third quarter of the year in light of the planned voluntary export reduction of 500,000 barrels per day in August."
ANZ Research noted in a client memo today: "Crude oil prices rose amid indications of tighter supply in the market. Russia seems committed to its pledge to reduce supplies."
