From Reuters:
Oil prices turned around to rally on Monday after the Saudi Arabian cabinet said in a statement the kingdom remained ready to work with other producing and exporting countries to stabilize prices.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 28 cents a barrel at $42.18 a barrel by 1230 GMT, having fallen by more than 3 percent earlier on a stronger dollar.
Prices were near 10-week lows when the Saudis issued the statement — which apparently didn’t contain much that is new. Speculators are still betting that prices will fall further, Reuters reports.
Photo: Michael-Ann Cerniglia