Iraqi oil minister Jabar al-Luaibi crossed the wires, via Reuters, in the last minutes saying that Iraq will deepen its oil output cut in October from September levels. “There is no need for an extraordinary OPEC meeting after Saudi attacks,” the minister further argued.
Crude oil largely ignored these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $56.55, losing 0.35% on a daily basis. Later in the session, the Energy Information Administration’s (EIA) weekly crude oil stock data will be looked upon for fresh catalysts.
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