Saturday , October 1 2022

Oil prices rise after Saudi Arabia cuts offer for December Market talk


Oil prices rose by about 1% after Saudi Arabia, the world's largest oil exporter, announced a cut in deliveries in December, seen as a measure to halt a slide that fell 20% at the beginning of October.
Global Brent futures contracts rose by 93 cents, or 1.3 percent, to a barrel.
WTI US futures rose 54 cents, or 0.9 percent, since the last settlement.

Saudi Arabian Energy Minister Khalid al-Faleh said his country is planning to cut its oil supply to world markets by 0.5 million bpd in December as OPEC faces uncertain prospects in trying to persuade other producers to accept the reduction of the production coordinator.

Source link