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Oil prices dropped by more than 2% as concerns about supply disruptions from Middle East conflicts eased following Saudi Arabia, the leading OPEC producer, promising to assist in stabilizing the market. Russia and Saudi Arabia confirmed that coordination will continue following their meeting in Moscow, while Putin urged companies to prioritize the Russian domestic market. US Federal Reserve officials adopted a cautious approach due to uncertainties regarding the trajectory of the U.S. economy, while the U.S. Energy Information Administration (EIA) forecasted a global oil inventory decrease of 200,000 barrels per day in the latter half of 2023 due to Saudi Arabia's voluntary output cuts and reduced production goals within OPEC+ nations.

Oil falls over 2% after Saudi pledge; investors keep wary eye on Israel

Oil prices dropped by more than 2% as concerns about supply disruptions from Middle East conflicts eased following Saudi Arabia, the leading OPEC producer, promising to assist in stabilizing the market. Russia and Saudi Arabia confirmed that coordination will continue following their meeting in Moscow, while Putin urged companies to prioritize the Russian domestic market. US Federal Reserve officials adopted a cautious approach due to uncertainties regarding the trajectory of the U.S. economy, while the U.S. Energy Information Administration (EIA) forecasted a global oil inventory decrease of 200,000 barrels per day in the latter half of 2023 due to Saudi Arabia’s voluntary output cuts and reduced production goals within OPEC+ nations.

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