As crude oil trading for the month of August draws to a close, prices have remained stubbornly rangebound, with the global benchmark Brent trading around $85 per barrel, and the West Texas Intermediate (WTI) just north of $81 per barrel.
For intraday context, at the time of writing (6:00am EST, August 31, 2023), the Brent front month contract was up 26 cents or 0.31% to $85.50 per barrel, while WTI was at $81.78 per barrel, up 25 cents or 0.41%. This has largely been the pricing scenario after a rally in July and early part of August, when Saudi Arabia and Russia announced a production cut of 1.5 million barrels per day (bpd).
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