Saudi Arabia announced that it has slashed crude supply to at least four north Asian buyers for its April-loading, Reuters reports on Friday, citing refinery sources.
Additional insights
“Chinese refiners received a small cut in their Saudi supply, while the reduction in volumes for Japanese buyers was between 10% and 15%.”
“The Kingdom will meet the normal monthly requirements of Indian refiners.”
“Saudi Aramco is also commissioning its 400,000-bpd Jizan refinery in the southwest of the country which may have reduced its exports.”
Market reaction
WTI picked up fresh bids on the above report, extending the bounce from session lows of $65.41.
The black gold was last seen trading at $65.96, modestly flat on the day. The US oil hit a two-year high at $67.98 on Thursday, mainly driven by broad-based US dollar weakness.
A drawdown in the US crude stockpiles earlier this week also helped push the prices higher.
WTI technical levels
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