Russian leader Putin hints at continued OPEC+ Oil cuts [Video]

Eliman Dambell Sayvio AI

Staying with commodities, Russian Leader Vladimir Putin said today that oil output cuts are here to stay.

Speaking today, Putin stated that, "I am sure that the coordination of the OPEC+ partner´s actions will continue."

Russia recently extended a cut of 300,000 barrels per day (bpd) for the remainder of the year.

This came as Saudi Arabia pushed its own cuts of 1 million barrels to the end of 2023 also.

He added that, "This is important for the predictability of the oil market, and ultimately for the well-being of all mankind."

US producer price index surpasses expectations

Today it was reported that producer prices in the United States rose by more than markets were expecting.

According to the data from the Labor Department, the PPI rose by 0.5% for the month of September.

This was higher than a projected 0.3% increase markets had forecasted, but less than the 0.7% jump seen in August.

The main contributor to the jump came from gasoline, which was up 5.4%, with food prices gaining 0.9% in the same period.

Gold prices surge to a two-week high on the news.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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