Oil Prices Rebound Jolted by Saudi Pledge

SourceAl Bawaba
SectorOil & Gas
CountrySaudi Arabia

Oil prices ended their downward trajectory that started early September and recorded their biggest weekly gain in three months. The rebound came despite plenty of bearishness in the market that was emphasized by the monthly oil reports from both OPEC and the International Energy Agency (IEA).  However, OPEC’s latest reassurances to its commitment to balance the market spurred confidence and pushed up prices higher. Both international benchmarks rose above the $40 barrier with Brent hitting $43.15 per barrel and WTI crude price rising to $41.11 per barrel. The IEA monthly oil market report described a fragile market with the pandemic refusing to loosen its grip on economies.It highlighted such unfavorable fundamentals as well as poor refining margins and a continued increase in OECD global oil stocks to record levels. It also pointed to ...read more...