Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Oil Prices Rise as Saudi Energy Minister Signals Commitment to Output Cuts

Published 09/09/2019, 11:56 PM
Updated 09/09/2019, 11:57 PM
© Reuters.
LCO
-
CL
-

Investing.com - Oil prices extended gains on Tuesday in Asia as newly appointed Saudi energy minister Prince Abdulaziz bin Salman hinted his commitment to production cuts.

U.S. Crude Oil WTI Futures traded 0.5% higher to $58.12 by 11:42 PM ET (03:42 GMT). International Brent Oil Futures rose 0.4% to $62.85.

The gains came after Prince Abdulaziz said there will not be any radical change in the kingdom’s oil policy and a global deal to cut oil production by 1.2 million barrels per day would be maintained.

He also noted that the OPEC+ alliance would be in place for the long term.

On the data front, the weekly report on U.S. crude inventories from the American Petroleum Institute (API) is due later in the day. The API reported last week that stockpiles rose by 0.40 million barrels, though U.S. government data, released a day later, showed a third-straight weekly draw.

In other news, Israeli Prime Minister Benjamin Netanyahu's claim that Iran has a secret nuclear weapons site was also in focus as the claim raised Middle Eastern tensions.

Netanyahu claimed that Tehran had been developing atomic arms at a facility in Abadeh, south of Iranian city of Isfahan.

"In this site, Iran conducted experiments to develop nuclear weapons," Netanyahu said.

The site was destroyed after Israel discovered it, the prime minister alleged. "They (Israeli intelligence) destroyed the site. They just wiped it out.”

In comments directed at Iranian officials, he added: "Israel knows what you're doing, Israel knows when you're doing it, and Israel knows where you're doing it."

Iran refuted the Israeli leader's accusation, according to Qatari state-funded media Al Jazeera.





Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.