The benchmark US crude oil price, Western Texas Intermediate (WTI), reached its highest point since November 2022 due to Saudi Arabia and Russia’s reduced crude production.

In order to improve WTI prices and bring Saudi crude output closer to 1.3 million barrels per day, Saudi Arabia and Russia intend to extend oil production cutbacks into 2023.

China’s deflationary pressure is less of a concern, raising WTI prices. August CPI increased 0.1% YoY, despite an anticipated 0.3% decrease.

Positive US economic data supports rising interest rates, potentially restricting WTI’s upside potential, as rising borrowing costs could slow the economy and reduce oil demand.

The API Weekly Crude Oil Stock and EIA Crude Oil Stock Change figures for September 8 are due, with the US Consumer Price Index gaining attention. These data could impact WTI prices.

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