Oil rises after third weekly loss as Saudi Arabia sees recovery

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Oil steadied after a third weekly loss as predictions by Saudi Arabia and Russia that crude markets will rebalance vied with signs that US companies are drilling even more wells.

Futures added 1.4% in New York after sliding 3.8% last week. Inventories are declining and reductions will accelerate in the next three to four months, Saudi Energy Minister Khalid Al-Falih said at a briefing in Kazakhstan with his Russian counterpart, Alexander Novak.

Russia is committed to doing everything it can to balance the market, Novak said.

Support independent journalism
Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
14.35
-0.0%
Rand - Pound
19.81
-0.0%
Rand - Euro
17.08
-0.0%
Rand - Aus dollar
10.76
-0.0%
Rand - Yen
0.13
-0.0%
Gold
1,764.62
0.0%
Silver
25.81
0.0%
Palladium
2,467.49
0.0%
Platinum
1,038.50
0.0%
Brent Crude
73.51
+0.6%
Top 40
59,504
-1.5%
All Share
65,635
-1.4%
Resource 10
60,958
-1.7%
Industrial 25
87,956
-1.3%
Financial 15
12,995
-2.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Should government have assigned a majority shareholding in SAA to the private sector?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, It's a good decision
63% - 106 votes
Not a good move
11% - 18 votes
Too early to tell
27% - 45 votes
Vote