Oil Edges Up After Saudi Arabia, Russia Reaffirm Supply Cuts
- Aramco slashes its crude prices to Europe as demand falters
- WTI settles near $81 after swinging in a range of nearly $2
Flames burn off at an oil processing facility in Saudi Aramco's oilfield in the Rub' Al-Khali (Empty Quarter) desert in Shaybah, Saudi Arabia.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Oil edged up after Saudi Arabia and Russia reaffirmed they will stick with oil supply curbs of more than 1 million barrels a day through the end of the year.
West Texas Intermediate swung in a nearly $2 range on Monday before settling up less than 1% near $81 a barrel. Stronger gains from earlier in the session faded in the afternoon as crude tracked equities lower. Still, oil is trading at prices seen before the Israel-Hamas war began as the fighting fails to disrupt output from the Middle East, the source of about a third of the world’s crude.