Home » News » OIL PRICES RISE FOLLOWING SAUDI ARABIA’S CUT IN SUPPLY

OIL PRICES RISE FOLLOWING SAUDI ARABIA’S CUT IN SUPPLY

Oil prices rose on Thursday lifted by a sustained decline in inventories and Saudi Arabia’s preparedness to cut crude supplies to its prized Asian customers.

Brent crude futures were 52.99 dollars a barrel, while US West Texas Intermediate crude was up 17 Cents at 49.73 dollars.

Crude is down nearly seven per cent so far this year, suppressed in large part by concern that OPEC and its partners may not be able to force global oil inventories to drop by cutting production.

Saudi Arabia said on Tuesday it would cut supplies to most buyers in Asia – the world’s biggest oil-consuming region – by up to 10 per Cent in September.

Leave a Reply

Your email address will not be published. Required fields are marked *

*