LSE: Oil Jumps As Saudi Minister Signals Non-OPEC Supply Cuts
WASHINGTON (Alliance News) - Crude oil futures rose Wednesday morning after Saudi Arabia's oil minister said certain non-OPEC countries will join OPEC and Russia in curbing supplies.
"Non-OPEC is showing willingness to join this effort. And without mentioning names, many countries have said they are willing to not only freeze, but cut at healthy levels that will match whatever is going to happen by OPEC," Khalid Al-Falih said at the Oil and Money Conference in London.
WTI Nov. light sweet crude oil was up 77 cents at USD51.06 a barrel.
The latest weekly American Petroleum Institute (API) data recorded an unexpected inventory draw of 3.8mn barrels.
The latest Energy Information Administration (EIA) data will be released this morning.
