OPEC+ Signaling Oil Production Cuts To Keep Prices High

Oil Dips on 'Iran Fear'; Saudis Threaten OPEC Cuts to Seize Back Control © Reuters  

CNBC/Reuters: Oil rises as Saudi Arabia hints at possible output cut 

Oil prices soared more than $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices and with the prospect of a drop in U.S. crude inventories. 

The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg. 

Global benchmark Brent crude advanced 3.88% to $100.22 a barrel. U.S. West Texas Intermediate crude ended the day $3.38, or 3.7%, higher at $93.74 per barrel.  

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Update #1: Oil jumps nearly 4% on possible OPEC+ supply tightening (Reuters)  

Update #2: Oil Dips on 'Iran Fear'; Saudis Threaten OPEC Cuts to Seize Back Control (Investing.com)  

WNU Editor: OPEC appears united to push these production cuts. We shall see.