Oil prices steadied on Tuesday after a three-day loss due to Saudi Arabia’s statement that recent cuts by the OPEC+ alliance would be fully adhered to and could be extended.
Brent crude settled above $78 per barrel after falling more than 6% in the previous three sessions, while West Texas Intermediate crude exceeded $73.
“The recently planned cuts would “overcome” the expected first quarter inventory increase and could last until 2024 if necessary,” Saudi Energy Minister Prince Abdulaziz bin Salman told “Bloomberg.”
Crude oil has been under downward pressure since last week’s meeting of the Organization of the Petroleum Exporting Countries and its allies, where traders remain unconvinced about the full implementation of the voluntary package of cuts.
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