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Oil Returns Above $100 With Saudis Cautious About More Output

  • Iraq oil minister sees oil trading above $100 for rest of year
  • Biden expects more oil supply; Saudis say market will dictate
Bloomberg business news
Biden Left Awaiting Benefits After Landmark Trip to Saudi Arabia
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Oil rallied above $100 after the Saudis declined to make any promises regarding future output increases, while a weaker dollar also helped put wider commodity markets on firmer footing.

West Texas Intermediate rose 5.1% to settle above $102 a barrel on Monday. Saudi ministers insisted at the conclusion of President Joe Biden’s visit last week that oil policy decisions would be dictated by market logic and with coalition agreement. Iraq’s oil minister told Bloomberg he sees oil trading above $100 for the rest of the year.