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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

Updated at


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