Oil Prices Rebound on OPEC+ Output Cuts But Remain Subdued on Economic Uncertainty

• Oil prices have risen for six straight sessions, driven by OPEC+ production cuts.
• Russia and Saudi Arabia agreed to reduce crude exports, extending previous supply cuts.
• Prices are supported by tight supplies, but gains have stalled due to concerns about the global economy.
• Most analysts expect Saudi Arabia to continue its 1 million barrel per day voluntary cut into October.
• Oil prices remain below 2022 highs as hedge funds gradually go short, anticipating future declines.

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