Saudi Arabia, the world’s top crude exporter, will keep curbs on contracted volumes of crude oil in August largely unchanged from July levels to two north Asian term purchasers. For full story, click here
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Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Russia, the world’s top independent exporter, came up with a list of measures to support oil prices, calling for lower output from all producers as part of the plan. Deputy Prime Minister Igor Sechin, stated: We are monitoring OPEC’s work and our companies will also participate in a cut. For full story, click here