According to Bloomberg article published on February 10, 2023, oil rose after Russia said it plans to cut March production by 500,000 barrels a day.
Brent crude climbed as much as 1.1% in London to trade above $85 a barrel, erasing an earlier decline.
Crude futures have traded in a narrow range of about $10 so far this year as traders weigh the offsetting impacts of sanctions on Russian oil, China’s reopening and the impact of higher interest rates on global growth.
