# Saudi jawboning up crude oil prices contrasts with soft physical market | Reuters

> Brent crude traded near $104.28 a barrel early in Asia on Tuesday, up almost 9% from the August 22 close, before a fresh Saudi intervention. The report contrasts this rally with a softer physical market, where Asian demand, the top importing region, is weaker.

- Date: 2022-08-30 · published 2022-08-30T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/40225-saudi-jawboning-up-crude-oil-prices-contrasts-with-soft-physical-market-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A gap between futures and physical demand suggests the price rally may be fragile, which could reverse and lower energy costs that feed through to freight and processing. Saudi verbal support for prices adds upside risk in the near term.

## Read by commodity

- BRENT: neutral

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/saudi-jawboning-up-crude-oil-prices-contrasts-with-soft-physical-market-russell-2022-08-30/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.