Oil futures finished higher Tuesday, after Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister warned traders about betting on continued declines in oil prices, said Michael Hewson, chief market analyst at CMC Markets UK. “With OPEC+ due to meet in early June, and the market still smarting from the surprise production cut announced in April, there is a risk of another surprise cut in output,” he said. “There has been no indication that OPEC+ is thinking along those lines yet, however there wasn’t in April, so it pays to be cautious.” July West Texas Intermediate crude CLN23, +1.37% rose 86 cents, or 1.2%, to settle at $72.91 a barrel on the New York Mercantile Exchange.
This article was originally published by Marketwatch.com. Read the original article here.
