Crude keeps to four-week maximum on Saudi promise to tame glut

On Wednesday, crude was mostly intact, keeping to a four-week maximum reached yesterday after top exporter Saudi Arabia told it firmly decided to finally cope with a supply glut.

Brent crude futures gained 8 cents hitting $58.41 a barrel, having soared 1.7% on Tuesday. American West Texas Intermediate crude futures slid 4 cents showing an outcome of $52.43.

On Wednesday, Khalid al-Falih, Saudi Arabia's Energy Minister told that the focus was still actual on cutting crude stocks in industrialized countries to hit their five-year average. He also lifted the prospect of prolonged output restraint as soon as an OPEC-led supply-cutting pact expires.

The Organization of the Petroleum Exporting Countries along with Russia as well as nine other crude producers, all of them have reduced crude output by nearly 1.8 million barrels a day since January. As a matter of fact, the pact runs to March next year, but the participants are actually considering extending it.

Similar

08.03.2022 21:17 Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

08.02.2022 09:40 First Oil Release After OPEC Meeting

US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.

01.02.2022 09:26 Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.