Crude oil prices lack lustre and are trading in a narrow band on Tuesday, held between tightening supply condition amid fears of depleting demand in the face of recession. Aggressive monetary tightening by global central banks to curb soaring inflation is seen adding to recessionary concerns. Meanwhile, members of the Organization of Petroleum Exporting Countries and its allies (OPEC+) recently voiced their support for a 2 million barrel per day production cut by the cartel. The cut, which was announced earlier this month, is intended to help stabilize oil prices. WTI crude oil futures are currently quoting at $84.77 per barrel, up 0.25%. Powered by Commodity Insights
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