Oil Climbs in Risk-On Mood as Traders Weigh Saudi Price Cuts
(Bloomberg) — Oil edged higher alongside equity markets, as investors weighed the demand outlook after Saudi Arabia trimmed pricing for most of its grades.
Brent rose toward $67 a barrel after closing 0.8% higher on Monday, while West Texas Intermediate was near $63, as global stocks climbed on optimism around US interest-rate cuts. For the oil market, focus remained on the price reduction by Saudi Aramco and a modest production boost by OPEC for October.
