Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil.
Brent crude futures LCOc1 rose 41 cents, or 0.5%, to $85.30 a barrel by 0000 GMT while U.S. West Texas Intermediate crude CLc1 was at $81.05 a barrel, up 54 cents, or 0.7%.
In line with analysts’ expectations, Saudi Arabia confirmed it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into a production of around 9 million bpd for December, a source at the ministry of energy said in a statement.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.