Crude extends revenues as Saudi promises export curbs

Crude extends revenues as Saudi promises export curbs

On Tuesday, crude prices extended revenues after Saudi Arabia promised to curb exports from next month, while OPEC called on several participants to boost compliance with output cuts for the purpose of reining in global oversupply and tackling flagging prices.

Gains were also backed by Halliburton's executive chairman, who told that the surge in North American rig count was demonstrating signs of plateauing, thus clouding a boom in American shale crude output.

September delivery Brent crude futures surged 0.6% being worth $48.90 a barrel, having settled up 1.1% on Monday.

As for US West Texas Intermediate crude futures, they ascended 0.7% trading at $46.65.

At Monday’s ministerial meeting in St. Petersburg, Saudi Energy Minister Khalid al-Falih told that OPEC along with non-OPEC participants were committed to extending their currently existing deal to reduce oil output by approximately 1.8 million barrels per day beyond March next year if required.

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