A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. He added that Riyadh had capacity to increase production to 12 million bpd.“Oil prices are finely balanced in today’s trading session despite the Saudi pledge to boost production. West Texas Intermediate (WTI) CLc1 for November delivery also rose 5 cents to settle at $69.17 on its last day as the U.S. front-month. In intraday trade, WTI fell as low as $68.27, its lowest since Sept. 14.Several U.S. lawmakers, meanwhile, have suggested imposing sanctions on Saudi Arabia over the killing of journalist Jamal Khashoggi. Investors are watching and waiting for the next chapter before positioning themselves accordingly,” Cincotta said.U.S.

Source: Egypt Today October 22, 2018 19:30 UTC