Crude Oil Prices Settle Higher as Saudi Says Output Hike Will Be Reasonable

Ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting next week, Saudi Arabian Oil Minister Al Falih reportedly said “it’s inevitable” that OPEC and its allies will agree to boost oil production next week, according to a report from Bloomberg.

Al Falih insisted, however, that the uptick in output would be reasonable and won’t be anything “outlandish.”

Traders remained concerned rising output would slow the rebalancing in oil markets as the production-cut agreement has helped rid the market of excess crude supplies.

Inventories of U.S. crude fell by 4.143 million barrels for the week ended June 8, well above expectations for a draw of 1.440 million barrels, according to data from the Energy Information Administration.
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