Oil prices reduced their losses at the conclusion of today’s session, to close slightly, following the statements of the Saudi Energy Minister, during which he stressed the ability of the “OPEC +” alliance to reduce production to meet market challenges.
Brent crude futures for October delivery fell 0.25% to $96.48 a barrel, after falling more than 4.5% earlier in the session.
US crude contracts fell 0.59% to $90.23 a barrel.
Saudi Energy Minister Prince Abdulaziz bin Salman had stressed the commitment of the OPEC + alliance and its flexibility in dealing with challenges in the market, indicating the possibility of reducing production at any time and in various circumstances, according to what was reported by the Saudi Press Agency.
It should be noted that the OPEC + countries produced less oil by about 2.892 million barrels per day than the target for the month of July.
On the other hand, the dollar jumped to its highest level in five weeks against the major currencies, which put pressure on the prices of precious metals, especially gold.
Meanwhile, markets expect the Federal Reserve to raise interest rates by 50 basis points at the September meeting.