Oil futures on Thursday extended a pullback that’s taken the U.S. benchmark back below the $80-a-barrel threshold, partially erasing gains scored after OPEC+ announced surprise production cuts early this month.
Price action
Market drivers
Crude surged in early April, leaving a large upside gap on the daily charts, after Saudi Arabia and its OPEC+ allies announced cuts of around 1.15 million barrels a day beginning in May and running through the end of the year, while Russia said it would extend cuts of 500,000…
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