HomeDr JackOIL PRICES RISE AS SAUDI ARABIA TALKS OF LETTING CRUDE GO ABOVE...

OIL PRICES RISE AS SAUDI ARABIA TALKS OF LETTING CRUDE GO ABOVE $80 A BARREL

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https://sg.news.yahoo.com/oil-prices-jump-saudi-arabia-140000663.html

Oil prices were up early on Tuesday morning amid reports that Saudi Arabia would be comfortable letting oil prices rise above $80 a barrel and OPEC may not be rushing into further production boost commitments after the one they agreed upon in June.

At 08:02 a.m. EDT on Tuesday, WTI Crude was up 0.80 percent at $69.54, while Brent Crude was trading up 0.79 percent at $78.71.

The Saudis are said to be comfortable with the current oil prices, and even with Brent Crude rising past $80 a barrel, at least in the short term, as the oil market and global supply will be adjusting to significantly reduced Iranian oil exports, Bloomberg reportedon Tuesday, citing people familiar with Saudi Arabia’s thinking.–Yahoo

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