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

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.


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