Oil touched a one-week high as traders weighed conflicting supply signals from Saudi Arabia, Russia and Venezuela. Futures rose above the $66-a-barrel mark in New York on Friday. Oil ministers from Saudi Arabia and Russia are set to talk next week, fuelling speculation that two of the world’s biggest crude exporters may be ready to wind down historic production limits. Meanwhile, Venezuelan oil exports have been crippled as the Latin American nation spirals toward economic collapse. "We’re going to be subject to incredible headline risk," said John Kilduff, a partner at hedge Again Capital, a New York-based hedge fund. At the same time, "these stories out of Venezuela about scores of ships waiting to load and the inability to supply their contractual volumes has really underpinned the market here." Next week’s discussion between Russian energy minister Alexander Novak and his Saudi counterpart Khalid al-Falih in Moscow may be a prelude to a broader gathering of Opec members and alli...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.