Reuters reports, citing a Saudi oil official on the matter
- Recent concerns reflect poor macroeconomic environment
- Oil market fundamentals are good
- Especially on supply side due to strong commitment of OPEC+ with supply cuts
- Says key OPEC+ countries are committed to do whatever it takes to keep oil market balanced next year
Of course you'd heard this type of comments by OPEC. For those who are unfamiliar, it's typical of them to remark that "when prices go up, it's due to fundamentals" and "when prices go down, it's due to speculation".
Oil is scaling back some of its earlier gains with WTI hovering around $52.00 currently after having been as high as $52.84 at the start of the session. The gains since overnight trading largely stems from Saudi Arabia saying that they will "consider all options" to halt the recent decline in oil prices.
