Oil prices extended gains on Tuesday, approaching $84 per barrel mark following an increase of nearly 5% in the previous session. Oil prices are up on Tuesday as markets are bracing for the biggest supply cut by OPEC since the 2020 COVID crisis. The oil cartel OPEC+ will likely consider an oil output cut of more than a million barrels per day (bpd) next week. This is keeping oil elevated despite weak equities. The WTI Crude oil futures are currently quoting at $83.70 per barrel, up 0.08% on the day. Powered by Commodity Insights
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