Saudi Arabia Announces Pledge To End Oil Surplus – 25 October, 2017

Saudi Arabia’s announcement pledging to end the oil supply surplus back to the five year average caused prices to hit a four week high. Brent crude rose to $58.41 per barrel, up 8 cents , while West Texas was down by 4 cents to $52.43 per barrel. Since January, OPEC, Russia, and nine other top producers have cut supply back by 1.8 million barrels per day, and is expected to continue to do so until March 2018. U.S. gas futures rose to $1.7383 per gallon, while WTI rose to $18.60 per barrel.