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Oil Up Slightly

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December 06 2023 01:36AM

Oil prices were slightly higher after closing at their lowest level since July as skepticism around OPEC+ cuts continued to weigh on sentiment.

Saudi Arabia cut its official selling prices for its flagship Arab Light crude to Asia and other regions despite extending voluntary output curbs as part of an OPEC+ deal.

In an interview with Bloomberg earlier this week, the Saudi energy minister said OPEC+ curbs would be delivered in full and that the group could extend the cuts further into 2024 if needed. Yet, “the news has had a muted response so far,” according to ING.