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As India reaches its stockpile capacity and enters its low-demand monsoon season, it's expected that the recent trend of increased imports of Russian crude will wane.
Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5 percent for the week – a fifth straight week of gains.
ALBAWABA – Saudi Arabia oil cuts will likely carry into September to bolster a tentative recovery in crude oil prices, Bloomberg reported Thursday.
Goldman Sachs sees oil prices rising to $86 by the end of the year as record-high oil demand and lower supply create a large market deficit.
ALBAWABA – Oil prices slipped Monday on anticipation of further interest rate hikes by the United States Federal Reserve (Fed) and the European Central