Oil prices rise today

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”.

Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.

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