Oil Jumps as Saudis Plan Export Cut, U.S. Supplies Seen Lower - Bloomberg

Oil Jumps as Saudis Plan Export Cut, U.S. Supplies Seen Lower - Bloomberg:

"Oil surged the most since November as the market appears to be tightening, with Saudi Arabia pledging deeper cuts to crude exports and supplies in the U.S. shrinking. Futures advanced 3.3 percent in New York, and the global Brent benchmark closed above $50 a barrel for the first time since June. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, Energy Minister Khalid Al-Falih said. In the U.S., crude, gasoline and distillate supplies are seen dropping in the next Energy Information Administration report due Wednesday. “They have chased the bears back into the woods. Sentiment in the market is mildly bullish,” James Williams, an economist at London, Arkansas-based energy-research firm WTRG Economics, said by telephone."



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