# Oil prices rise as Saudi output cuts outweigh weak demand signals | Reuters

> Brent settled up 66 cents at $76.95 and WTI gained 79 cents to $72.53 after unexpected drops in US crude stocks. Saudi output cuts offset weak demand signals. A weaker dollar, as Fed hike bets faded, also supported prices.

- Date: 2023-06-07 · published 2023-06-07T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/35663-oil-prices-rise-as-saudi-output-cuts-outweigh-weak-demand-signals-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Supply cuts and a weaker dollar both lift crude prices in dollar terms. Firmer energy costs and a softer dollar support commodity prices broadly.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-steady-fears-over-supply-tightness-counter-demand-woes-2023-06-07/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.