Oil prices saw a decline on Monday due to a stronger U.S. dollar and concerns about China’s economic situation, which put pressure on the outlook for fuel demand. However, the continuation of supply cuts by Saudi Arabia and Russia helped maintain Brent above the $90 per barrel mark.
Brent crude dropped by 15 cents, settling at $90.52 per barrel, while U.S. West Texas Intermediate crude was at $87.10 per barrel, marking a decrease of 43 cents or 0.5%.
In the past two weeks, oil prices have experienced gains, with Brent reaching its highest level since November. This increase was attributed to Saudi Arabia and Russia’s recent announcement that they would extend voluntary supply cuts totaling 1.3 million barrels per day until the end of the year.
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