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Oil prices steady as Saudi cuts September supplies

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices steadied on Tuesday after news of lower crude supplies from Saudi Arabia offset higher output from other large producers including the United States.Saudi state oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day (bpd), sources familiar with the matter told Reuters on Tuesday.The cut is in line with the kingdom's commitments in a supply reduction pact led by the Organization of the Petroleum Exporting Countries designed to bolster oil prices that have been depressed for more ...

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First Published: Tue, August 08 2017. 18:08 IST