Oil price rises almost 4% after Saudi Arabia announces production cuts

Crude oil futures closed nearly 4% higher on Tuesday (Aug. 23) after Saudi Arabia offered to cut production to OPEC and OPEC+ to support oil prices.

  • WTI crude futures rose $3.38, or 3.7 %, at $93.74 a barrel.
  • BRENT crude futures were up $3.74, or 3.9%, at $100.22 a barrel.

The Saudi energy minister said OPEC+ has the determination, flexibility, and approach to address challenges, which include reducing oil production at all times and in different ways.

In addition, OPEC and its allies will sign a new agreement that builds on past experience and success.

Investors are waiting for the report on U.S. crude oil inventories, which the EIA will publish today. Analysts polled by S&P Global Commodity Insights forecast a decline of 3.2 million barrels in U.S. crude oil inventories and 2.5 million barrels in gasoline inventories this week.

The Spot Market is Open

Wednesday, August 24, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.20

93.39

-0.35

-0.37%

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