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Oil prices rose on Monday after Saudi Arabia said it will cut crude exports from August and Nigeria agreed to cap output. September WTI settled up 57 cents at $46.34 and Brent gained 42 cents to $48.48.
Saudi Arabia warned it would escalate pressure on members it considers free riders.
Price gains reflect expected tighter supply from Saudi export cuts, which supports energy costs that feed into feed transport and processing margins.
sharecafe.com.auGlenn DyerJul 24, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
