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Tuesday, 18 July 2017

Oil Climbs on Report Saudi Arabia Considering More Export Cuts - Bloomberg

Oil Climbs on Report Saudi Arabia Considering More Export Cuts - Bloomberg:

"Oil climbed to the highest level in almost two weeks following a report that Saudi Arabia is considering deeper export curbs.

Futures gained as much as 2 percent in New York. Consultant Petroleum Policy Intelligence said the kingdom is considering additional export curbs of as much as 1 million barrels a day following signs that OPEC’s cutbacks aren’t clearing a global glut. Supplies from OPEC members Libya and Nigeria have recovered, while Iraq’s compliance has faltered and Ecuador announced it can no longer restrain output while its economy suffers."



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