Saudi Arabia will maintain cuts until the end of the year. Oil rebounds

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Saudi Arabia has said it will maintain an additional production cut of 1 million barrels per day through December. It didn't specify whether it meant until the end or the beginning of December, but given the lack of comment, it's most likely the entire month of December, meaning the decision is unchanged.

The message from Russia is a bit more precise: Russia intends to continue cutting exports by 300,000 barrels per day until the end of December, which most likely means maintaining joint operations. Minister Novak stresses that the decision is to be reviewed monthly.

In response, we are seeing WTI rebounding after the declines of the Asian session, although at the same time we are seeing reactions to resistance near $88.5 per barrel:

Source: xStation5

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