OIL gains after comments from Saudi Energy Minister

Open account Download free app

Oil erased earlier declines and is now trading slightly higher on the day. Improvement in sentiment towards crude was driven by comments from Saudi Energy Minister Abdulaziz. Saudi official said that Russia oil export cut was voluntary and no one forced Russia to cut supply. He also said that move from Russia is meaningful as it relates to exports level rather than production level. Most importantly, Abdulaziz said that OPEC+ will do whatever will be necessary to support markets and that oil market will not be left unattended. This has triggered a bullish reaction on the market as it hints that more cuts may be looming in the future. Earlier today, United Arab Emirates Energy Minister said that OPEC+ may need new members. Increasing size of the alliance would give it even more leverage and impact on oil prices.

Taking a look at Brent chart (OIL) at H1 interval, we can see that price attempted to break below the support zone in the $75.50 area earlier today, marked with previous price reactions as well as 50-hour moving average (green line). Declines were erased after comments from Saudi Energy Minister and price move back to the $76.00 area. The nearest resistance zone to watch can be found ranging below the $76.40 mark.

Source: xStation5

12 February 2026, 7:03 PM

Daily summary: Silver plunges 9% 🚨Indices, crypto and precious metals under pressure

12 February 2026, 4:41 PM

🚨Gold slumps 3% amid markets preparing for Chinese Lunar Year pause

12 February 2026, 4:19 PM

Cocoa falls 2.5% to the lowest level since October 2023 📉

12 February 2026, 4:08 PM

NATGAS muted amid EIA inventories change report

Commodities

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days