Oil rallies as Saudi Arabia said to grow comfortable with crude above $80 a barrel (marketwatch.com)

Oil futures traded higher early Tuesday in New York, buoyed by recent remarks from Saudi Arabian officials that reportedly expressed a renewed level of comfort with higher prices in light of renewed U.S. sanctions on Iran that could disrupt global output.

Saudi officials, according to a Bloomberg report citing people familiar with the discussions, said they don’t intend to drive prices higher but are growing more inured to the prospect of higher futures, which are likely to result from sanctions against Iran, set to take effect in less than two months. Previously, Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, orOPEC, had appeared to cow to complaints by President Donald Trump that crude prices were getting too rich.
more at source: https://www.marketwatch.com/story/oil-rallies-as-saudi-arabia-said-to-grow-comfortable-with-crude-above-80-a-barrel-2018-09-18

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