The US crude oil benchmark is trading around the $86.83 mark so far entering Thursday morning.
Western Texas Intermediate (WTI), the US crude oil benchmark, snaps a two-day winning streak. Spot price trades lower around $87.20 during the early trading hours in the European session on Thursday. The Crude oil prices experienced upward support due to further decline in US crude oil stock and the supply cut by OPEC+.
Data from the American Petroleum Institute (API) indicates that US crude oil inventories declined by 5.521 million barrels, notably higher than the expectations of a 1.429M decline. The previous week's decline was 11.486 million barrels.
Furthermore, Saudi Arabia and Russia, the world’s major oil exporters, stated that they will extend oil production cuts for the rest of 2023. The actions boosted WTI prices, which have been rising in recent weeks. That said, the cut will bring Saudi crude output closer to 9 million barrels per day in October, November, and December, and will be reviewed monthly. Russia's Deputy Prime Minister Alexander Novak said that the nation would reduce its exports by 300,000 barrels per day through the end of 2023.
