Futures Movers: Oil prices pull back from 2023 highs

Oil futures edged lower early Wednesday, pulling back a day after ending at 2023 highs following the extension of supply cuts by Saudi Arabia and Russia.

Price action

Market drivers

Oil jumped Tuesday after Saudi Arabia announced it would extend a voluntary production cut of 1 million barrels a day through the end of the year, alongside the extension of a supply cut by Russia. WTI and Brent closed Tuesday at their highest since November.

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