Crude oil prices gained further on Thursday in the backdrop of the OPEC+ meeting deliberating on supply cuts. The unexpected rise in crude oil inventories in the U.S. limited gains.
Reuters quoted two OPEC+ sources to report that the group of OPEC and allies have agreed to a preliminary oil cut deal of over 1 million barrels per day. According to the report, the sources also expect the cut to include Saudi Arabia extending the voluntary cut of 1 million barrels per day plus additional contributions from other members.
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.