Oil prices mixed on Saudi commitment to output cut and investor scepticism
Singapore — Oil markets were mixed on Tuesday, supported by Saudi Arabia saying it would adhere strictly to a commitment to cut output, but held back by scepticism in financial markets that oversupply would be curbed. US West Texas Intermediate (WTI) crude oil futures were trading up 8c at $52.45 a barrel at 2.31am GMT. Brent crude futures, the international benchmark for oil prices, were down 14c at $55.72 a barrel. Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the global agreement among oil producers including Oil cartel Opec and Russia. "Many countries are actually going the extra mile and cutting beyond what they’ve committed ... I am confident about the impact ... and I am very encouraged about those first two weeks," Saudi Energy Minister Khalid al-Falih said late on Monday at an industry event in Abu Dhabi. Under the agreement, Opec, Russia, and other non-Opec pr...
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