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International benchmarks for crude oil fell more than a dollar on Friday, 9 June 2023, following underwhelming Chinese export data that played into concerns about the demand outlook. The reductions, however, were capped as investors eyed Saudi Arabia’s decision on the output cuts over the weekend. 

Brent crude dropped $1.17 or 1.5%, sitting at $74.79/barrel while US West Texas Intermediate went down $1.12 or 1.6% at $70.17/barrel. 

Sources said that the oil market might rise if the FED, on 13 – 14 June decides to keep key interest rates unchanged from the previous month.