Oil Regains Ground as Saudis Discuss Crude-Market Intervention

  • Yesterday’s session saw a crude drop to a seven-month low as it was hit by the risk-off sentiment in markets and a larger-than-expected expansion in U.S. inventories.
  • That slide started to turn around in late trading, a move which continued this morning after the Saudis said they were phoning other oil producers to discuss responses to the sudden drop.
  • A barrel of West Texas Intermediate oil for September delivery was trading at $52.21by 5:50 a.m. Eastern Time, still more than a $1 below Wednesday’s opening level. 

(Source: Bloomberg)