Oil in New York posted the biggest weekly gain since June after Saudi Arabia surprised the market with a significant supply cut beyond what was agreed to with fellow OPEC+ members.
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WTI settled 1.3% higher on Friday after Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the country would continue its voluntary cut of 400,000 barrels a day. That brings total cuts implemented by the Organization of Petroleum Exporting Countries and its allies to 2.1 million barrels a day, he said.
“The comments are what drove the market up,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass. “Total cuts are larger and substantially better than what the market was expecting.”
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