Oil Rises as Saudis Deepen Cuts, Trump May Extend Trade Deadline - Bloomberg

Oil Rises as Saudis Deepen Cuts, Trump May Extend Trade Deadline - Bloomberg:

Oil rebounded from a two-week low Tuesday as Saudi Arabia pledged to deepen production cuts and U.S. President Donald Trump said he could extend a deadline for new tariffs on China.

Futures closed 1.3 percent higher in New York after Saudi Energy Minister Khalid Al-Falih told the Financial Times that the kingdom will continue to curb output more than required by a December deal among top producers. Meanwhile, OPEC’s secretary-general issued a statement nudging other members to keep up their end of the cuts.

“As if on cue, Saudi Arabia’s energy minister has injected a hearty dose of bullish impetus into the energy complex,” analysts at PVM Oil Associates Ltd. said in a report.