Oil Nudged Higher by Saudi Surprise Cut as Traders Wait and See
- Saudi Arabia lowering output by extra 1 million b/d for July
- WTI rose 41 cents to close near $72, shedding a 5% jump
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Oil inched higher as Saudi Arabia’s go-it-alone production cuts were offset by broader risk-off sentiment and traders waiting to see if cuts will materialize.
West Texas Intermediate settled 41 cents above its Friday close, substantially giving back the almost 5% gained in the immediate wake of Saudi Arabia’s pledge to shave an extra 1 million barrels-a-day from its production in July. The country also hiked all of its official selling prices for deliveries in July. But traders are waiting to see if supply cuts materialize and an improvement in demand before making any big bets.