Oil nudges higher after Saudi Arabia, Russia stick to output cuts
© Reuters. FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
Following the Saudi statement, Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from itsBoth contracts notched their second weekly fall last week, down about 6%, driven by easing geopolitical risk premium that arose from concerns of supply disruptions due to a possible widening conflict in the Middle East.
Sydney-based IG analyst Tony Sycamore expects oil prices to be driven by headlines from the Middle East and technical charts this week.
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