Oil prices jump after Saudi Arabia vows to cut production again | CNN Business

At 5.30 a.m. ET, Brent crude, the global benchmark, was trading up 2.3% at nearly $78 a barrel, while WTI, the US benchmark, rose 2.4% to $73.50. Gasoline futures were up 1.5%, but the average US pump price for a gallon of regular unleaded gas was unchanged at $3.55. The Saudi production cut was its biggest in years and will depress its output to nine million barrels per day.

+ countries with the aim of supporting the stability and balance of oil markets,” the state-owned Saudi Press Agency said Sunday. A roller coaster ride The White House responded to Saudi Arabia’s decision to slash oil production by saying US officials are focused on prices for American consumers. “We are not a party to

+. Analysts had predicted that the group of producers would hold off announcing any further supply cuts Sunday, given a divergence of interests between Russia — whose oil exports are subject to a price cap imposed by the G7 over the war in Ukraine — and Saudi Arabia, which needs oil to rise above $80 a barrel to balance its budget.

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Saudi Arabia needs more than higher oil prices to fund its grand plans | CNN BusinessRiyadh knows that it cannot rely solely on a fluctuating oil market for income. Along with its efforts to raise oil prices, it is also trying to bring in investment from abroad.
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