Surprise fall in Saudi production and US drilling pushes up oil prices
London — Oil rose on Monday after Saudi crude production registered an unexpected decline in July and US drilling appeared to slow, although the price is still almost 10% below its 2018 high of more than $80 a barrel. Markets also anticipated an announcement from Washington later on Monday on renewed US sanctions against major oil exporter Iran. So-called "snapback" sanctions are due to be reinstated at 12.01am EDT on Tuesday, according to a US treasury official. Saudi Arabia pumped about 10.29-million barrels per day (bpd) of crude in July, two Opec sources said on Friday, down about 200,000bpd from a month earlier. That drop came despite a pledge by the Saudis and top producer Russia in June to raise output from July, with Saudi Arabia pledging a "measurable" supply boost. Brent crude oil futures were up 31 US cents on the day at $73.52 a barrel by 9.03am GMT, while US futures rose 35c to $68.84 barrel. "Saudi Arabia knows that the US really does want to see maximum impact from sa...
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