Oil prices are rallying above a few-month low after Saudi Arabia’s production slump

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Oil prices rose on Tuesday, rallying above a several-month low recorded earlier in the day, supporting buying on lower prices and supporting lower output in Saudi Arabia, OPEC’s biggest oil producer. On global demand, especially after OPEC’s monthly report.

By 09: 35 GMT US crude rose to $ 67.85 a barrel from the opening level $ 67.40, and recorded a high of $ 67.98, and the lowest level of $ 67.33.

Brent crude rose to $ 73.30 a barrel from the opening level of $ 72.81, recording a high of $ 73.33 and a low of $ 72.74.

US crude oil lost 0.6% on Monday, the third loss in four days, hitting a two-month low of $ 65.70 a barrel. Brent fell 0.2% and hit a four-month low of $ 71.02 a barrel.

Last week, world oil prices fell 1.3 percent, the second weekly loss in a row, on fears of trade tensions between the United States and China, and expectations of weak global demand.

According to the monthly report of the Organization of the Petroleum Exporting Countries (OPEC), Saudi Arabia cut its oil production by 200 thousand barrels per day in July to a total of 10.288 million barrels per day, with the movement of the largest oil producer in the world organization to avoid oversupply in the market.

OPEC’s monthly report showed concern about global demand levels and OPEC cut oil demand growth to 1.43 million barrels per day in 2019 from 1.64 million barrels per day in 2018.

World Organization has supported the reduction to escalate trade disputes between the United States and China, as well as currency turmoil in emerging economies, particularly in India, Turkey and South Africa.

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