BloombergOil on Friday posted the biggest weekly gain in New York since June after Saudi Arabia surprised the market with a significant supply cut beyond what was agreed to with fellow OPEC+ members. West Texas Intermediate settled 1.3 percent higher after Saudi Arabian Minister of Energy Prince Abdulaziz bin Salman said that the country would continue its voluntary cut of 400,000 barrels per day. That brings total cuts by OPEC and its allies to 2.1 million barrels per day, he said. West Texas Intermediate for delivery next month settled up US$0.77 to US$59.20 per barrel on the New York Mercantile Exchange, rising 7.3 percent for the week. The global benchmark traded at a US$5.29 premium to West Texas Intermediate for the same month.

Source: Taipei Times December 07, 2019 15:56 UTC