Brent crude futures rose 74 cents to settle at $72.90 a barrel, a one percent gain. The contract hit a session low of $71.19 a barrel, its lowest since April 17. West Texas Intermediate (WTI) crude futures rose 68 cents, or one percent, to settle at $68.76 a barrel.
LONDON: The leader of Saudi Arabia has assured US President Donald Trump that the kingdom can raise oil production if needed and the country has 2 million barrels per day of spare capacity that could be deployed to help cool down oil prices to compensate for falling output in Venezuela and Iran.
In a tweet on Saturday, Trump said Saudi Arabia had agreed to increase output by up to this amount, although a subsequent statement from the White House rowed back on this assertion.
Already a subscriber? Log in.
Get 30% off with our ads free Premium Plan!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
