Futures Movers: Oil prices take a breather after 9-day winning streak pushes crude to 2023 highs

Oil futures lost ground early Thursday, threating to snap a nine-day winning streak for the U.S. crude benchmark amid a rally that has taken prices to 2023 highs.

Price action

Market drivers

A rally for crude oil accelerated after Saudi Arabia announced earlier this week it would extend a production cut of 1 million barrels a day through the end of the year, with Russia also pledging to extend a supply cut.

“Oil…