Oil pares losses after Saudi oilmin says OPEC+ has options including cuts | Reuters
Oil prices bounced off session lows to trade nearly flat in a volatile session on Monday as markets weighed Saudi Arabia's warning that OPEC+ production could cut output against the possibility of a nuclear deal that could return sanctioned Iranian oil to the market.
Brent crude futures for October settled at $96.48 per barrel, down 24 cents, or 0.25%. It had fallen as much as 4.5% earlier in the day, breaking a three-day streak of gains.
U.S. West Texas Intermediate (WTI) crude for September delivery, which expired on Monday, was down 54 cents, or 0.6%, at $90.23. The more active October contract was down 4 cents, or 0.03%, at $90.41.
Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ has the commitment, flexibility, and means to deal with challenges and provide guidance including cutting production at any time and in different forms, state news agency SPA reported. read more
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