Climb in Brent oil futures attributed to report of lower Saudi production
Reports that Saudi Arabian oil supplies dropped in September propped up oil futures but may have been misinterpreted, according to multiple market watchers.
The Middle Eastern Kingdom supplied 9.36m barrels a day last month, 328,000 less than in August, according to a person familiar with the country’s policy as reported by Bloomberg.
However, another report cited analysts at Goldman Sachs as having said that a partial reason for that reduction might be maintenance work at refineries, as opposed to a desire to in fact signal a production cut.
Be that as it may, as of 18:33 front month Brent crude futures were moving higher by 1.65% to $86.12 per barrel on the ICE.
The Organisation of the Petroleum Exporting Countries is next due to meet to decide on its policy on 6 November in Vienna, Austria.