Saudi Arabia To Cut Oil Exports, Causes Price To Rise – 19 July, 2018

Despite both being on track for a third weekly loss, Brent crude and West Texas Intermediate rose as Saudi Arabia said exports from the kingdom will likely fall and inventories will be squeezed in the third quarter.  Brent crude rose 0.3 percent and 22 cents to $72.80, while West Texas Intermediate was up 0.7 percent and 51 cents to $69.97. The kingdom will cut exports by roughly 100,000 barrels per day in August as to not put more oil into the market than customers need.