Oil prices rose on Tuesday after Saudi Arabia, the world’s largest exporter of crude, said the Opec+ group can cut output if required to deal with the current volatility in oil markets.
Brent, the global benchmark for two-thirds of the world’s oil, was trading 0.51 per cent higher at $96.97 a barrel at 9.32am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.62 per cent at $90.92 a barrel.
Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, in an interview with Bloomberg on Monday said Opec and its allies “have the commitment … and the means” to deal with volatility on prices and “provide guidance including cutting production at any time and in different forms”.
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