Oil prices steadied on Monday, supported by Saudi Arabia’s comments indicating Opec and its allies would continue to tighten the crude market following deep losses last week.
Concerns that US tariffs on Mexico would dent crude demand limited gains.
Saudi Arabia signaled that the Organisation of the Petroleum Exporting Countries (Opec), together with Russia, would continue managing global crude supplies to avoid a surplus.
“We will do what is needed to sustain market stability beyond June. To me, that means drawing down inventories from their currently elevated levels,” Energy Minister Khalid al-Falih was quoted as saying by the Saudi-owned Arab News newspaper.
