Saudi Arabia’s OPEC governor was out on the wires in the last minutes saying that they were not trying to push oil into the markets beyond the customers’ needs. Governor further added they didn’t want to see the market getting oversupplied and hurt the potential investment and future supply in the industry, as reported by Reuters.
Earlier in the session, Saudis said that their July output would be similar to June figures and they would drop the output by 100K barrels per day in August.
At the moment, the barrel of West Texas Intermediate is trading at $69.70, adding 1.05% on the day.
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