Brent crude futures settled up 12 cents, or 0.2%, to $77.07 a barrel, while U.S. West Texas Intermediate crude was up 25 cents, or 0.3%,at $72.92 a barrel
want to show you how the markets fared overnight. as you can see here on our screens the dow and the s&p 500 closing higher. that is in part to the energy sector index which surged after opec plus s announcement. inflation concerns have been tempered by expectations that the us central bank could soon end its monetary tightening campaign. and oil output cut will mean higher prices and we could see that starting from next month. my that starting from next month. my colleague has more.- my colleague has more. many anal sts my colleague has more. many analysts believe my colleague has more. many analysts believe that - my colleague has more. many analysts believe that the - analysts believe that the coalition of oil producing nations really want to keep the price of oil above $80 a barrel, even hovering around $90 a barrel. a higher price of oil has wide ranging implications. it will make producing goods more expensive for companies and if prices stay high for a while it will have an im
course does it put ridadh on with america? it is interesting because russia had cut its production separately in march so it suggests a bit of co ordination between russia and saudi arabia and clearly they want to put a floor under the price of oil and see it recovering to the side of $90 a barrel, where it has been tracking as low as below 70 dollars in mid march. when we cast our mind back to when we had the output cut in october, things would looking different. china is coming back and there is a strong demand so how truly is it really for saudi arabia to say we are doing it for market stability? you re right, chinese demand is rising this year because it s