Oil Prices Rise on Signals OPEC Might Cut Output

[IroNat]

https://www.newsmax.com/newsfront/oil-opec-opec/2022/08/26/id/1084826/

On Monday, Saudi Arabia flagged the possibility of production cuts to offset the return of Iranian barrels to oil markets should Tehran clinch a nuclear deal with the West.

"The impression remains that Saudi Arabia is not willing to tolerate any price slide below $90. Speculators could view this as an invitation to bet on further price rises without the need to fear any more pronounced price declines," Commerzbank said in a note.

Oil prices briefly fell after Fed Chair Jerome Powell said tight monetary policy may be in store "for some time" to fight inflation, meaning slower growth, a weaker job market and "some pain" for households and businesses.