During early Thursday morning in Asia, Bloomberg came out with a news report quoting unnamed Saudi official who said that Saudi Arabia has phoned other oil producers to discuss possible policy responses as oil prices slide to a seven-month low.
The official further mentioned that the kingdom won’t tolerate a continued slide in prices and is considering all options, as per the news. However, no details were being discussed on either the parties involved or on measures to be taken.
FX implication
Although WTI shows little reaction to the news, details of the same could have helped oil prices recover from multi-month low.
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