Oil benchmarks are reporting moderate losses at press time, having surged 5 percent on Wednesday.
Both WTI and Brent picked up a strong bid yesterday after Saudi Arabia’s Oil Minister said that said the kingdom will reduce output to 10.2 million barrels per day this month – down about 900,000 bpd from the record high registered in November.
Al-Falih went a step further and expressed readiness to take more steps if the market remains oversupplied.
Further, the optimism generated by the US-China trade talks and the risk-on in the equities added to the bullish tone around oil prices.
The talks, however, failed to produce a breakthrough trade deal and that is likely weighing over the US stock futures and oil prices. At press time, the S&P 500 futures are down 0.4 percent. Meanwhile, WTI and Brent oil are down 0.9 percent at $51.88 per barrel and $60.97 per barrel, respectively.
Share
