Saudi crown prince says rise in oil prices not meant to help Russia - Reuters
|Saudi Crown Prince Mohammed bin Salman said in an interview on Fox News on Wednesday that OPEC's decision to cut oil production was based on market stability and was not intended to help Russia wage its war in Ukraine.
The crown prince said in an interview "We just watch supply, demand. If there is a shortage of supply our role in OPEC+ is to fill that shortage. If there is oversupply our role of OPEC+ is to measure that for the stability of the market".
Market reaction
Crude oil prices remains on the defensive following this headline. As of writing, the barrel of West Texas Intermediate (WTI) is down by 0.01% trading at $89.00
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.