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On Thursday, oil prices rose on anticipation that Russia would reduce its oil supplies more than had been previously promised.

At 9:35 a.m. local time (06:35 GMT), the price of international benchmark Brent crude was $80.79 per barrel, up 0.24 percent over the previous trading session’s closing price of $80.60 per barrel.

West Texas Intermediate (WTI), the American benchmark, traded at $74.14 a barrel at the same time, up 0.26 percent from the previous session’s closing price of $73.95 per barrel.

Major oil companies’ increased output cuts will strain the world supply.

In March, Russia is anticipated to reduce oil production by 500,000 barrels per day, but sources suggest that the nation may reduce supply considerably more.

In reaction to Western sanctions against Russian oil exports, the nation is decreasing its supplies.

On February 5, the EU imposed a ban on Russian seaborne oil goods as well as price caps of $45 per barrel for cheap products like fuel oil and $100 per barrel for premium Russian oil products like diesel.

Aleksandr Novak, the deputy prime minister of Russia, issued a warning at the beginning of the month that price restrictions imposed by Western nations on Russian oil and petroleum products could have an adverse effect on the market’s supply.

The OPEC+ group also intends to lower its daily oil production goals by 2 million barrels through the end of 2023, substantially reducing the amount of oil that is internationally available.

The American Petroleum Institute’s early statistics on US oil inventories, however, indicated a 9.8 million barrel increase vs predictions of a 1.2 million barrel increase.

Lower demand in the nation is indicated by data on inventory builds, which will prevent overall oil price hikes.

The US Energy Information Administration is expected to release official inventory figures later today, and markets are expecting this information.

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Cebuano English Filipino