Oil prices rise after Saudi warns OPEC could cut output to correct drop
Oil prices edged up on Tuesday, after Saudi Arabia warned that OPEC could cut output to correct a recent drop in oil futures.
Brent crude futures rose 32 cents to $96.80 a barrel by 0004 GMT, after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat.
U.S. West Texas Intermediate crude futures rose 37 cents to $90.73 a barrel by 0004 GMT.
The benchmarks are down about 12% and 8% this month, respectively.
The Organization of the Petroleum Exporting Countries stands ready to reduce production to correct the recent oil price fall driven by poor futures market liquidity and macro-economic fears, which has ignored extremely tight physical crude supply, OPEC’s leader Saudi Arabia said on Monday.
