Oil retreats over 2% over global growth fears after Saudi output cut led one-day rally; what lies ahead
Brent crude had gained as much as $2.60 per barrel on Monday and WTI as much as $3.30 after Saudi Arabia, the world's top exporter, announced on June 4 that its output would drop by 1 million barrels per day (bpd) to 9 million bpd in July.
Oil prices declined more than $1 per barrel on June 6, after a strong rally in the previous session as concerns on the global economic growth outweighed Saudi Arabia's decision to deepen oil supply from next month. At its Vienna meeting held on June 4, the Organization of the Petroleum Exporting Countries and its allies led by Russia, or OPEC+ reached a deal on output policy after seven hours of talks and decided to reduce overall production targets from 2024 by a further total of 1.4 million barrels per day (bpd).
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