Xinhua, New York :
Oil prices bounced back on Thursday, as investors grew hopeful for potential oil supply cut after Saudi Arabia reportedly planned to slash exports in the near future.
The West Texas Intermediate for September delivery rallied 1.45 U.S. dollars to settle at 52.54 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery rose 1.15 dollars to close at 57.38 dollars a barrel on the London ICE Futures Exchange.
Saudi Arabia, one of the world’s largest oil suppliers, will cut foreign sales by 700,000 barrels a day and scale back production in September, according to media reports.
Analysts said the news gave investors a timely relief amid broad fears over weakening global energy demand.
Thursday’s rebounds came after sharp slides of the previous day, with both crude benchmarks plunging over 2.5 dollars.
Oil prices bounced back on Thursday, as investors grew hopeful for potential oil supply cut after Saudi Arabia reportedly planned to slash exports in the near future.
The West Texas Intermediate for September delivery rallied 1.45 U.S. dollars to settle at 52.54 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery rose 1.15 dollars to close at 57.38 dollars a barrel on the London ICE Futures Exchange.
Saudi Arabia, one of the world’s largest oil suppliers, will cut foreign sales by 700,000 barrels a day and scale back production in September, according to media reports.
Analysts said the news gave investors a timely relief amid broad fears over weakening global energy demand.
Thursday’s rebounds came after sharp slides of the previous day, with both crude benchmarks plunging over 2.5 dollars.
