Oil prices climbed and were poised for a sixth consecutive week of gains as major producers Saudi Arabia and Russia extended their recent supply cuts. However, the increase in prices was tempered ahead of the release of crucial U.S. payrolls data.
The world's largest oil producers announced that they would continue their respective supply cuts until the end of December and possibly beyond. Saudi Arabia will maintain its production cut of 1 million barrels per day (bpd), while Russia will reduce oil exports by 300,000 bpd.
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