Oil Rebounds From Seven-Month Low as Saudis Signal Export Curbs

Kingdom to reduce customer allocations next month: officials
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Oil Recovers on Saudi Efforts to Stem Decline

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By Harkiran Dhillon

August 7, 2019 at 10:38 PM UTC

Updated on

August 8, 2019 at 8:03 PM UTC

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Oil advanced for the first time this week after Saudi Arabia signaled it’s taking steps to stabilize the market, which has been rocked by the escalating U.S.-China trade war.

While futures in New York rose 2.8% on Thursday, they are still down over 10% in August. Prices got a reprieve after officials from the world’s largest oil exporter said it will keep oil exports below 7 million barrels a day and allocate less crude than customers demand next month. OPEC’s biggest producer will also scale back output in September.