Oil Edges Higher as Saudi-Russia Encounter Reassures Oil Bulls

6 Oct 2017   Prices

King Salman visits Putin in Moscow to discuss cooperation U.S. crude exports rose to record-high, while stockpiles fell Oil climbed as Saudi Arabia and Russia, the world’s biggest oil exporters, signaled continued cooperation on efforts to erode a global crude glut. Futures rose 1.6 percent in New York as Saudi King Salman bin Abdulaziz made a historic trip to see Russian President Vladimir Putin. The king expressed a desire to maintain output caps agreed to with Russia and other producers 10 months ago. Meanwhile, drillers in the U.S. Gulf of Mexico began evacuating platforms as a storm approached, just a day after a the government disclosed record-high overseas demand for American crude. “What we are seeing is Saudi Arabia and Russia singing from the same song sheet, both countries praising the producer-supply restraint,” Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London, said by telephone. […]

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