MTECHTIPS;-Oil Prices Recover as Saudi Arabia Tempers Production Worries

Spread the love

MTECHTIPS;-Oil Prices Recover as Saudi Arabia Tempers Production Worries

MTECHTIPS-Oil prices traded higher early in Europe on Friday, as comments that Saudi Arabia would reduce exports in August tempered fears of oversupply. New York-traded West Texas Intermediate crude futures gained 23 cents, or 0.34% to $68.47 a barrel by 4:33 AM ET (8:33 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 70 cents, or 0.96%, to $73.28. Saudi Arabia’s OPEC governor Adeeb Al Aama said that exports in July from the cartel’s top producer would be roughly in line with the 7.2 billion barrels per day that were exported in June, according to a Dow Jones report. He further noted that the kingdom plans to cut exports by roughly 100,000 barrels per day in August as it works to ensure it does not push oil into the market beyond customers’ needs, avoiding worries that oversupply would curtail prices. Al Aama indicated that concerns that Saudi Arabia, OPEC’s largest producer and the cartel’s de facto leader, and its partners would oversupply markets are “without basis

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119