SINGAPORE, SAUDI ARABIA : Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members. Futures in New York edged lower after climbing 1.3% Friday to cap a 7.3% weekly advance, the most since mid-June. The announcement came after hedge funds had earlier slashed bullish wagers on WTI crude. “The OPEC+ decision may have a put a slightly higher bottom under crude prices," said Vandana Hari, founder of Vanda Insights in Singapore. Since then, however, negotiations have stretched out and a fresh set of US tariffs is set to start on Dec. 15.
Source: Mint December 09, 2019 03:33 UTC