Oil market edged higher as Russia pledged to trim outputs further

International benchmarks for crude oil registered another minor gain on Thursday, 13 June after Russia pledged to trim its production outputs by another 471,000 barrels per day on top of the earlier promise of 500,000 bpd. This is to compensate for exceeding its output quota.

Also supporting the bullish sentiment is the cooling PPI in the US, which indicated a slowing gain in consumer prices. The FED on Wednesday said it would cut key interest rates one time before the end of 2024 but was open to the possibility of two cuts.

Brent was up 15 cents, closing at $82.75/barrel.

WTI gained 12 cents to settle at $78.62/barrel.