Oil Jumps Most in Month as Saudi Action Outweighs Demand Worries
- The kingdom to limit oil exports to stabilize the market
- Yet, WTI posts weekly decline of 2.1% after last week’s loss
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Oil surged the most in nearly a month as investors digested Saudi Arabia’s latest plan to help stabilize prices following a large dip earlier in the week that was fueled by demand concerns.
WTI advanced 3.7% in New York on Friday, paring its weekly loss to 2.1%. Escalating tensions between China and the United States along with a surprise gain in U.S. stockpiles pushed prices to a seven-month low during the week. Yet, Saudi Arabia retaliated to the rout with a plan to limit output and exports in September, a move that seemed to placate the market.