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Oil prices witnessed little change today, Tuesday, amid uncertainty regarding the voluntary production cuts of the OPEC+ alliance, continued tension in the Middle East, and weak economic data from the United States.
Brent crude futures fell one cent to $78.02 per barrel, while US West Texas Intermediate crude futures rose 5 cents to $73.09 per barrel.
The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, agreed last Thursday on voluntary production cuts totaling about 2.2 million barrels per day for the first quarter of 2024, led by Saudi Arabia, which decided to extend its current voluntary reduction.
Source: Arabic