Crude soars on Saudi promise to make real supply cuts

Crude soars on Saudi promise to make real supply cuts

On Tuesday, crude prices added, underpinned by statements that OPEC-leader Saudi Arabia was making considerable supply drops to customers, though ascending American output meant financial markets were still well supplied.

Brent crude futures hit $48.42, tacking on 0.3% from their previous close.

American West Texas Intermediate crude futures reached $46.21 per barrel, gaining 0.3%.

Saudi Arabia, the world's number one crude exporter, is currently leading an effort by the Organization of the Petroleum Exporting Countries to reduce output by nearly 1.8 million barrels bpd until the end of the first quarter of next year for the purpose of propping up prices. As for other countries, including top producer Russia, they’ve joined the initiative too.

During the first half of 2017, there were doubts as for OPEC's compliance with its ambitious promise, especially considering that supplies to Asia are still high.

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