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Saudi Arabia’s Comments Revive Oil Prices

BAGHDAD Oil prices on Tuesday offset early losses after Saudi Arabia said producers' agreement to cut output from January could be extended after June to cover the entire year.

Saudi Energy Minister Khalid al-Falih's comments came despite pressure from US President Donald Trump to compensate for the expected shortfall in tightening US sanctions on Iran.

Brent crude futures were at $ 72.25 a barrel, up 21 cents, or 0.3 percent, from the latest close.

US crude futures rose 17 cents, or 0.3 percent, from the previous close to $ 63.67 a barrel.

Prices were under pressure earlier Tuesday after data from China's financial markets, including crude oil contracts, showed that Asia's biggest economy was still struggling to regain momentum.

Source: National Iraqi News Agency

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