Brent rebounds from 4-month low on Saudi output cut

2018-08-14 13:06:22 GMT (Economies.com)
Brent rebounds from 4-month low on Saudi output cut

Brent widened its gains in American trade on track for the second profit in the last three days, amid recovery attempts from four-month lows hit yesterday, as Saudi Arabia's production decreases. 

 

As of 12:35 GMT, Brent rose to $73.50 a barrel, with an intraday high at $73.73, and a low at $72.74. 

 

Brent October futures shed 0.2% yesterday, the third loss in the last four days, marking four-month lows at $71.02. 

 

Oil prices fell 1.3% last week, the second weekly drop in a row on US-China trade concerns and on prospects of weaker global demand. 

 

OPEC reported a drop of 200 thousand bpd in Saudi Arabia's crude output in July to a total of 10.288 million bpd, as the organization's biggest producer moves to contain market oversupplies. 

 
 
 
  Symbol Last Change Chg.%
1.1594
0.0049
0.4210%
1.3187
0.0100
0.7676%
14.728
0.131
0.897%
71.240
-0.243
0.341%
80.45
-0.33
0.41%
1229.845
12.185
1.001%
 
 
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