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Oil is on pace for its best year since 2016 as global tensions and dwindling US inventories lift prices
American crude inventories fell to their lowest level in two months in the week ended December 20, propping up prices by cutting supply.
"The effort is aimed at bolstering oil prices and reminding potential Aramco investors of Saudi Arabia's considerable sway within OPEC," the WSJ wrote.
OPEC, a group of 14 oil-producing countries including Saudi Arabia, released its World Oil Outlook on Tuesday.
US West Texas crude prices rose to a six-week high Monday following the news from OPEC.
Oil prices were lower following the move by OPEC, a signal that growth concerns have overwhelmed expectations for lower supply.
Oil is nearing its biggest weekly loss this year as demand and trade-war woes combine in a ‘recipe for disaster’
Rising US supply, weakening demand, and US-China trade fears are a "dangerous combination" and adding to trader concerns in oil markets.
Oil prices jumped on Monday after OPEC signaled it would maintain supply cuts and President Trump threatened the "official end of Iran."
Oil prices soar after Trump tightens his squeeze on Iran, while Tehran threatens to close one of the world’s most important shipping lanes in re...
Oil prices hit a six-month high after the White House decided not to renew waivers due to expire in May for Iranian crude buyers.
Bullishness on a trade deal between the US and China, and supply cuts resulting from US sanctions on Iran and Venezuela have sent prices higher.
"The prospect of low rates for longer is music to the ears of equities, as firms benefit from lower borrowing costs," said Jasper Lawler at London Capital Group.