Oil Regains Ground as Saudis Discuss Crude-Market Intervention
- Kingdom reaching out to other producers on policy response
- WTI edging closer to $50/bbl, Brent deeper in bear territory
This article is for subscribers only.
Oil clawed back some losses after Saudi Arabia contacted fellow crude producers to discuss ways to halt the slide in prices.
Futures in New York rose 2.4% in after-hours trading from Wednesday’s settlement. Bloomberg News reported the Saudis have decided the market slump is intolerable and all options are on the table, according to a kingdom official who asked to not be identified.