Still, markets remain over-supplied for the near term, keeping oil's rally in check. "It's boring, but there's a fundamental justification for prices being stuck between $45 and $55 without a significant geopolitical event".
Benchmark Brent crude gained 5 cents to touch $52.42 a barrel, while the U.S. light crude traded at $49.49 climbing 10 cents, reported Reuters. Total supply from the Organization of Petroleum Exporting Countries, including Saudi Arabia, hit a 2017 high in July.
The reports of Saudi Arabia's September export cuts pushed prices up slightly today, with WTI trading at US$49.54 and Brent at US$52.43 a barrel at 7:20 AM EDT.
Asia is a key market for every exporter of crude oil and so far, Saudi Arabia has spared it from cuts in order to hold onto its prized market share, which is already under threat from Russian Federation, the USA, and Iran.
Saudi Arabia Set To Slash Exports To Asia In September
Reports said Saudi Arabia is cutting supplies to most buyers in Asia by least 520,000 barrels per day in September in a move to comply with the OPEC agreement.
Libya, an OPEC member, is exempted from the OPEC deal to curb oil production.
However, production remained high in various parts of the world as oil continued to be traded at almost half the level of its 2011-2014 prices.
Later on Tuesday afternoon, industry group the American Petroleum Institute will release its figures on US oil inventories.
The U.S. Energy Information Administration will release its weekly petroleum status report at 1430 GMT on August 9, giving details on stockpiles and refinery runs.
PSG Ready To Offer Over £80m For Alexis Sanchez
When asked if PSG CEO Nasser Al-Khelaifi had been in touch about his player, Wenger claimed there had been no recent contact. I believe he will be a very great player".
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