Home/Commodities/FX/Newsfeed

Oil Rises After Saudi Comments on Production Deal Term

Share Print 0

Oil rose in New York after Saudi Arabia’s energy minister said OPEC probably won’t need to extend its supply cuts beyond June as the market reaches a balance.

Futures rose 0.5 percent in New York after losing 3 percent last week. Rigs targeting crude in the U.S. fell for the first time in 11 weeks, according to data from Baker Hughes Inc. OPEC’s six-month term for supply cuts will likely suffice to balance the market given the level of compliance with the reductions and the outlook for an increase in global consumption, Saudi Minister of Energy and Industry Khalid Al-Falih said

“They are hopeful that the market will be balanced in the first six months but if it’s not, they’re still willing to consider extending the cuts,” Craig Bethune, a fund manager at Manulife Asset Management Ltd. in Toronto who focuses on energy and natural resources investments, said by phone. “They’re keeping their options open.”

via Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

,
Back to Top