Oil falls for second week as US, Saudi Arabia sparBloombergOil pared its weekly loss as Saudi Arabia cranked up prices for its global crude exports and the US demurred on a potential release of oil from the strategic reserve. West Texas Intermediate (WTI) shaved its weekly loss to 2.75 percent, rising sharply late in the session on Friday, after Saudi Arabia raised the official selling price of all the nation’s crudes to buyers around the globe. Photo: AFPSaudi Arabia boosted its prices just days after refusing to concede to US pressure to pump more oil. The increase in Saudi Arabian Oil Co prices suggests Saudi Arabia sees demand still improving, particularly in Asia where a resurgence in COVID-19 cases seeded doubt about the recovery’s strength, she added. For months, Biden has led calls for OPEC+ to add more barrels to tame high oil prices.

Source: Taipei Times November 06, 2021 19:11 UTC