Oil prices moved sharply higher on Tuesday, lifting the futures contract to a 10-month closing high.
With traders betting on a likely shortfall in supply following the recent decision by Saudi Arabia and Russia to extend their voluntary output cuts to the end of the year, oil prices surged higher today.
Also, the monthly report from the Organization of the Petroleum Exporting Countries (OPEC) showed the oil market is going to be a lot tighter than initially thought.
For comments and feedback contact: editorial@rttnews.com
Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.