Monday, March 17, 2025 | 07:03 AM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Oil near 10-month high after Saudi Arabia's unilateral supply cut

Futures in New York rose 0.2 per cent, but gave up some earlier gains after failing to rise above the lows set in June 2019, a level seen as providing technical resistance

crude oil prices
Premium

Saudi Arabia’s pledge to cut output prompted a sharp rally on Tuesday in the structure of the futures curve and headline prices

Bloomberg
Oil held near a 10-month high after Saudi Arabia’s surprise pledge to cut an extra 1 million barrels a day of crude output in February and March.

Futures in New York rose 0.2 per cent, but gave up some earlier gains after failing to rise above the lows set in June 2019, a level seen as providing technical resistance. Saudi Arabia’s pledge to cut output prompted a sharp rally on Tuesday in the structure of the futures curve and headline prices.

The kingdom’s decision, which Russian Deputy Prime Minister Alexander Novak called a “new year gift” to the market, comes as governments

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in